Equipment Lease (Canada)

Equipment lease between lessor and lessee. Includes option to purchase at end of term.

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An equipment lease agreement is a contract where one party (a “Lessor”) agrees to lease/rent equipment he owns to another party (a “Lessee”) for a specified time.

Having a written equipment lease agreement is beneficial for a number of reasons. First, it clearly states the terms of the agreement; for example, the duration of the lease agreement; the rental payments, repair liability, etc. Second, because it is written, it can help the parties avoid misunderstanding in the future. And, if a problem does occur, it can be easily referenced for guidance or clarification. This form includes an option for the lessee to purchase the equipment at the end of the term.

This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Equipment Lease

 

 

 

THIS LEASE MADE as of          between      , of       (the “Lessee”) and      , of       (the “Lessor”)
Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor the property described in Schedule “A” hereto together with all replacement parts, additions, repairs and accessories incorporated therein and/or affixed thereto (the “Equipment”) on the following terms and conditions:
1.    
 
 
1.    Term. This lease is for a term of       months, beginning      , and ending      .
2.    Rentals. Lessee shall pay to Lessor rentals aggregating      , plus applicable taxes, of which       is herewith paid in advance and the balance of the rental is payable in       equal, successive, monthly rental payments of       each, of which the first is due      , and the others on the same date of each month thereafter, until fully paid.  Rental payments shall be made at the address of Lessor first above noted or at such place as Lessors assigns shall notify Lessee in writing.
3.    Place of Use: The Equipment shall be kept at      , in the Province of      , until Lessor in writing permits its removal.
4.    Repairs: Lessor shall not be obligated to make any repairs or replacements; Lessee shall not incur for Lessors account or liability any expense therefor without Lessors written consent.  Lessee shall effect and bear the expense of all necessary repairs, maintenance and replacements.
5.    Operators. Lessee shall cause the Equipment to be operated by competent employees only, and shall pay all expenses of operation.
6.    Liability. Lessee shall indemnify and save Lessor harmless against and from all loss, damage, expense or penalty arising from any claim or action on account of personal injury or damage to property occasioned by the operation, handling or transportation of the Equipment during the rental period, but shall be credited with any amounts received by Lessor from insurance procured at Lessees expense. Damage for any injury to the Equipment shall be based on the then true and reasonable market value of the Equipment irrespective of rentals theretofore paid or agreed.
7.     Insurance. Lessee, at its expense, shall keep the Equipment insured at the full value thereof and for the term hereof against fire, theft, collision and extended coverage and against such other risks and in such amounts as Lessor may specify, with losses, if any, payable to Lessor. Lessee shall, on request of Lessor, deliver to Lessor the policies or evidence of insurance satisfactory to Lessor, together with receipts for premiums paid thereunder. If Lessee fails to insure as aforesaid, then Lessor may place insurance as Lessor deems advisable and Lessee will be obligated to pay the premium on demand.
8.    Taxes and Laws. Lessee shall comply with and conform to all laws and regulations relating to the ownership, possession, use or maintenance of the Equipment, and save Lessor harmless against actual or asserted violations, and pay all costs and expenses of every character occasioned by or arising out of such use, and pay promptly when due all taxes and other public charges against or upon the Equipment, as additional rental therefor.
9.    Title. All Equipment shall remain personal property, and title thereto shall remain in Lessor exclusively. Lessee shall keep the Equipment free from any and all liens and claims, and shall do or permit no act or thing whereby Lessors title or rights may be encumbered or impaired. Upon expiration or termination hereof, the Equipment shall be returned unencumbered to Lessor by Lessee at Lessees sole expense and in the same condition as when received by Lessee, reasonable wear and tear resulting from proper use thereof alone excepted. Lessee shall pay rent at the above rate until all Equipment arrives at Lessors premises.
10.    Inspection. Unless Lessee notifies Lessor within 48 hours after delivery of the Equipment, stating details of any defects, Lessee shall be conclusively presumed to have inspected and accepted it. Lessee shall, whenever requested, advise Lessor of the exact location of the Equipment and shall give Lessor immediate notice of any attachment or other judicial process affecting the Equipment, and indemnify and save Lessor harmless from any loss or damage caused thereby. Lessor may, for the purposes of inspection, at all reasonable times enter upon any job, building or place where the Equipment is located, and may remove the Equipment forthwith, without notice to Lessee, if the Equipment is, in the opinion of Lessor, being used beyond its capacities or in any manner improperly cared for or abused.
11.    Non-Waiver. Time is of the essence. Lessors failure at any time to require strict performance by Lessee of any of the provisions hereof shall not waive or diminish Lessors right thereafter to demand strict compliance therewith or with any other provision. Waiver of any default shall not waive any other default.
12.    No Warranty. There are no representation, warranties or conditions, express or implied, statutory or otherwise, other than those herein contained. No oral agreement, guaranty, promise, condition, representation or warranty shall be binding; all prior conversations, agreements or representations related hereto and/or to the Equipment are integrated herein. No modification hereof shall be binding unless in writing signed by Lessor.
 
13.    Possession. Lessor covenants to and with Lessee that Lessor is the lawful owner of the Equipment free from all encumbrances and that, conditioned upon Lessees performing the conditions hereof, Lessee shall peaceably and quietly hold, possess and use the Equipment during said term without hindrance.
14.    Default. In the event of Lessees default hereunder or becoming insolvent, or if Lessee ceases doing business as a going concern or if a petition is filed by or against Lessee under the Bankruptcy Act, or a proposal, arrangement or re-organization under the Federal Bankruptcy Code or similar federal or provincial statute, or if Lessee attempts to remove or sell or transfer or encumber or sublet or part with the possession of Equipment, (a) all sums due and to become due hereunder shall, at the option of Lessor or any assignee of Lessor, become payable forthwith; (b) Lessor and/or its agents may without notice or liability or legal process enter into any premises of or under control or jurisdiction of Lessee or any agent of Lessee where the Equipment may be or by Lessor is believed to be, and repossess the Equipment, disconnecting and separating all thereof from any other property and using all force necessary or permitted by applicable law so to do, Lessee hereby expressly waiving all further rights to possession of the Equipment and all claims for injury suffered through or loss caused by such repossession; and (c) Lessor may sell the Equipment or may re-lease the Equipment for a term and a rental which may be equal to, greater than, or less than the rental and term herein provided. Any proceeds of such sale, received within 60 days after repossession, or any rental payments received under a new lease made within such 60 days for the period prior to the expiration of this lease, less Lessors expenses of taking possession, storage, reconditioning and sale or re-leasing, shall be applied on Lessees obligations hereunder, and Lessee shall remain liable for the balance of the unpaid aggregate rental set forth above. Lessees liability shall not be reduced by reason of any failure of Lessor to sell or re-let within such 60 days. Lessee will pay all costs, charges and expenses incurred in retaking possession of the Equipment hereby leased, and if this Lease is placed in the hands of a solicitor for collection or enforcement, 15% of the amount due hereunder shall be added and payable by Lessee for collection charges if not prohibited by law.
15.    Assignments. Neither this lease nor Lessees rights hereunder shall be assignable except with Lessors written consent; the conditions hereof shall bind any permitted successors and assigns of Lessee. If Lessor assigns the rents reserved herein or all or any of Lessors other rights hereunder, assignees rights shall be independent of any claim, defense or offset of Lessee against Lessor; Lessee on receiving notice of any such assignment shall abide thereby and make payment as may therein be directed.  Following such assignment the term “Lessor” shall be deemed to include or refer to Lessors assignee.
16.    Miscellaneous. Lessee will not change or remove any insignia or lettering on the Equipment and shall conspicuously identify each item of the Equipment by suitable lettering thereon to indicate Lessors ownership. This lease is irrevocable for the full term hereof and for the aggregate rentals herein reserved, and the rent shall not abate by reason of termination of Lessees right of possession and/or the taking of possession by Lessor or for any other reason, and delinquent installments of rental shall bear interest at the rate of 1% per month (12% per annum). All notices relating hereto shall be mailed registered to Lessor or Lessee at its respective address above shown or at any later address last known to the sender. Lessee waives all rights under all exemption laws. Lessee acknowledges receipt of a true copy of this Equipment Lease. Lessors rights hereunder are cumulative and not alternative. Title shall remain in Lessor until the purchase price is fully paid in cash.  The provisions of this Lease shall enure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the parties hereto, except as herein otherwise provided. If Lessee is a corporation, this lease is executed by authority of its Board of Directors.
17.    Purchase Option. At any time after      , if Lessee has paid in full all rentals owing hereunder and be not then in default hereunder, Lessee shall have the option to purchase the Equipment upon giving written notice not less than 30 days prior to expiration of the original term hereof. The purchase price shall be      .
18.    Governing Law. This Offer shall be governed by and construed in accordance with the laws of the Province of      .
IN WITNESS WHEREOF the parties hereto have executed this Lease as of the date first above written.
 
 
 
Witness
 
     
 
 
 
 
Witness
 
     
Schedule “A
Equipment Description
 
     
Number of Pages6
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28785
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Equipment Lease

 

 

 

THIS LEASE MADE as of          between      , of       (the “Lessee”) and      , of       (the “Lessor”)
Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor the property described in Schedule “A” hereto together with all replacement parts, additions, repairs and accessories incorporated therein and/or affixed thereto (the “Equipment”) on the following terms and conditions:
1.    
 
 
1.    Term. This lease is for a term of       months, beginning      , and ending      .
2.    Rentals. Lessee shall pay to Lessor rentals aggregating      , plus applicable taxes, of which       is herewith paid in advance and the balance of the rental is payable in       equal, successive, monthly rental payments of       each, of which the first is due      , and the others on the same date of each month thereafter, until fully paid.  Rental payments shall be made at the address of Lessor first above noted or at such place as Lessors assigns shall notify Lessee in writing.
3.    Place of Use: The Equipment shall be kept at      , in the Province of      , until Lessor in writing permits its removal.
4.    Repairs: Lessor shall not be obligated to make any repairs or replacements; Lessee shall not incur for Lessors account or liability any expense therefor without Lessors written consent.  Lessee shall effect and bear the expense of all necessary repairs, maintenance and replacements.
5.    Operators. Lessee shall cause the Equipment to be operated by competent employees only, and shall pay all expenses of operation.
6.    Liability. Lessee shall indemnify and save Lessor harmless against and from all loss, damage, expense or penalty arising from any claim or action on account of personal injury or damage to property occasioned by the operation, handling or transportation of the Equipment during the rental period, but shall be credited with any amounts received by Lessor from insurance procured at Lessees expense. Damage for any injury to the Equipment shall be based on the then true and reasonable market value of the Equipment irrespective of rentals theretofore paid or agreed.
7.     Insurance. Lessee, at its expense, shall keep the Equipment insured at the full value thereof and for the term hereof against fire, theft, collision and extended coverage and against such other risks and in such amounts as Lessor may specify, with losses, if any, payable to Lessor. Lessee shall, on request of Lessor, deliver to Lessor the policies or evidence of insurance satisfactory to Lessor, together with receipts for premiums paid thereunder. If Lessee fails to insure as aforesaid, then Lessor may place insurance as Lessor deems advisable and Lessee will be obligated to pay the premium on demand.
8.    Taxes and Laws. Lessee shall comply with and conform to all laws and regulations relating to the ownership, possession, use or maintenance of the Equipment, and save Lessor harmless against actual or asserted violations, and pay all costs and expenses of every character occasioned by or arising out of such use, and pay promptly when due all taxes and other public charges against or upon the Equipment, as additional rental therefor.
9.    Title. All Equipment shall remain personal property, and title thereto shall remain in Lessor exclusively. Lessee shall keep the Equipment free from any and all liens and claims, and shall do or permit no act or thing whereby Lessors title or rights may be encumbered or impaired. Upon expiration or termination hereof, the Equipment shall be returned unencumbered to Lessor by Lessee at Lessees sole expense and in the same condition as when received by Lessee, reasonable wear and tear resulting from proper use thereof alone excepted. Lessee shall pay rent at the above rate until all Equipment arrives at Lessors premises.
10.    Inspection. Unless Lessee notifies Lessor within 48 hours after delivery of the Equipment, stating details of any defects, Lessee shall be conclusively presumed to have inspected and accepted it. Lessee shall, whenever requested, advise Lessor of the exact location of the Equipment and shall give Lessor immediate notice of any attachment or other judicial process affecting the Equipment, and indemnify and save Lessor harmless from any loss or damage caused thereby. Lessor may, for the purposes of inspection, at all reasonable times enter upon any job, building or place where the Equipment is located, and may remove the Equipment forthwith, without notice to Lessee, if the Equipment is, in the opinion of Lessor, being used beyond its capacities or in any manner improperly cared for or abused.
11.    Non-Waiver. Time is of the essence. Lessors failure at any time to require strict performance by Lessee of any of the provisions hereof shall not waive or diminish Lessors right thereafter to demand strict compliance therewith or with any other provision. Waiver of any default shall not waive any other default.
12.    No Warranty. There are no representation, warranties or conditions, express or implied, statutory or otherwise, other than those herein contained. No oral agreement, guaranty, promise, condition, representation or warranty shall be binding; all prior conversations, agreements or representations related hereto and/or to the Equipment are integrated herein. No modification hereof shall be binding unless in writing signed by Lessor.
 
13.    Possession. Lessor covenants to and with Lessee that Lessor is the lawful owner of the Equipment free from all encumbrances and that, conditioned upon Lessees performing the conditions hereof, Lessee shall peaceably and quietly hold, possess and use the Equipment during said term without hindrance.
14.    Default. In the event of Lessees default hereunder or becoming insolvent, or if Lessee ceases doing business as a going concern or if a petition is filed by or against Lessee under the Bankruptcy Act, or a proposal, arrangement or re-organization under the Federal Bankruptcy Code or similar federal or provincial statute, or if Lessee attempts to remove or sell or transfer or encumber or sublet or part with the possession of Equipment, (a) all sums due and to become due hereunder shall, at the option of Lessor or any assignee of Lessor, become payable forthwith; (b) Lessor and/or its agents may without notice or liability or legal process enter into any premises of or under control or jurisdiction of Lessee or any agent of Lessee where the Equipment may be or by Lessor is believed to be, and repossess the Equipment, disconnecting and separating all thereof from any other property and using all force necessary or permitted by applicable law so to do, Lessee hereby expressly waiving all further rights to possession of the Equipment and all claims for injury suffered through or loss caused by such repossession; and (c) Lessor may sell the Equipment or may re-lease the Equipment for a term and a rental which may be equal to, greater than, or less than the rental and term herein provided. Any proceeds of such sale, received within 60 days after repossession, or any rental payments received under a new lease made within such 60 days for the period prior to the expiration of this lease, less Lessors expenses of taking possession, storage, reconditioning and sale or re-leasing, shall be applied on Lessees obligations hereunder, and Lessee shall remain liable for the balance of the unpaid aggregate rental set forth above. Lessees liability shall not be reduced by reason of any failure of Lessor to sell or re-let within such 60 days. Lessee will pay all costs, charges and expenses incurred in retaking possession of the Equipment hereby leased, and if this Lease is placed in the hands of a solicitor for collection or enforcement, 15% of the amount due hereunder shall be added and payable by Lessee for collection charges if not prohibited by law.
15.    Assignments. Neither this lease nor Lessees rights hereunder shall be assignable except with Lessors written consent; the conditions hereof shall bind any permitted successors and assigns of Lessee. If Lessor assigns the rents reserved herein or all or any of Lessors other rights hereunder, assignees rights shall be independent of any claim, defense or offset of Lessee against Lessor; Lessee on receiving notice of any such assignment shall abide thereby and make payment as may therein be directed.  Following such assignment the term “Lessor” shall be deemed to include or refer to Lessors assignee.
16.    Miscellaneous. Lessee will not change or remove any insignia or lettering on the Equipment and shall conspicuously identify each item of the Equipment by suitable lettering thereon to indicate Lessors ownership. This lease is irrevocable for the full term hereof and for the aggregate rentals herein reserved, and the rent shall not abate by reason of termination of Lessees right of possession and/or the taking of possession by Lessor or for any other reason, and delinquent installments of rental shall bear interest at the rate of 1% per month (12% per annum). All notices relating hereto shall be mailed registered to Lessor or Lessee at its respective address above shown or at any later address last known to the sender. Lessee waives all rights under all exemption laws. Lessee acknowledges receipt of a true copy of this Equipment Lease. Lessors rights hereunder are cumulative and not alternative. Title shall remain in Lessor until the purchase price is fully paid in cash.  The provisions of this Lease shall enure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the parties hereto, except as herein otherwise provided. If Lessee is a corporation, this lease is executed by authority of its Board of Directors.
17.    Purchase Option. At any time after      , if Lessee has paid in full all rentals owing hereunder and be not then in default hereunder, Lessee shall have the option to purchase the Equipment upon giving written notice not less than 30 days prior to expiration of the original term hereof. The purchase price shall be      .
18.    Governing Law. This Offer shall be governed by and construed in accordance with the laws of the Province of      .
IN WITNESS WHEREOF the parties hereto have executed this Lease as of the date first above written.
 
 
 
Witness
 
     
 
 
 
 
Witness
 
     
Schedule “A
Equipment Description
 
     
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