LEASE AGREEMENT FOR EQUIPMENT in Marathi

LEASE AGREEMENT FOR EQUIPMENT

 

THIS LEASE AGREEMENT made at____________.this____________. day of____________. 20____________.between A. B. Co. Ltd., a company incorporated under the Companies Act, 1956 and having its registered office at____________.hereinafter called the Lessor (which expression unless it be repugnant to the context or meaning thereof shall mean and include its successors and assigns) of the ONE PART and X Y. Co. Pvt. Ltd., a company incorporated under the Companies Act, 1956 and having its registered office at____________.hereinafter called the Lessee (which expression, unless it be repugnant to the context or meaning thereof shall mean and include its Successors and assigns) of the OTHER PART.

 

WHEREAS

 

The Lessor is carrying on or engaged in the business of lease financing by leasing various assets, plants, machineries and equipments and the Lessee has requested the Lessor to purchase the plant and machinery, described in the Schedule hereunder written and given on lease to the Lessee, which the Lessor has agreed on the terms and conditions hereinafter appearing.

 

NOW THIS DEED WITNESSETH AS FOLLOWS:

 

(1) In pursuance of the said agreement and in consideration of the rent hereby reserved and of the terms and conditions, covenants and  agreements herein contained and on the part of the Lessee to be observed and performed, the Lessor hereby gives on lease and the Lessee hereby takes on lease, the equipments more particularly described in Schedule hereunder for a period of____________.years, commencing from____________.day of____________. 

 

(2) The Lessee shall pay to the Lessor at the address mentioned above or at such place or places as he may specify in writing from time  to time the rent in such amounts and on such dates as specified in Schedule hereunder. If the said rents are not paid within ____________.days from the date mentioned in the Schedule, late charges at the rate of ......            % per month or part thereof will be payable by the Lessee from the due date of payment till the date of payment.

 

 (3) On signing of this agreement, the Lessee shall pay a sum of Rs ____________.by way of lease management fees, which shall be non? refundable and a sum of Rs . ____________as security deposit against his obligation hereunder

 .

(4) The Lessee hereby confirms that he has selected the equipment and the supplier and the Lessor has not made any statements or representations about the same. The Lessor is not the  manufacturer or supplier of the equipment and he will not be liable or responsible to the Lessee for any claim, liability, loss, damage or expense of any kind or nature whatsoever arising from the transportation and delivery of the equipment leased, its storage, installation, use or operation or its failure to operate or perform or otherwise howsoever. The Lessor hereby assigns to the Lessee the right to make any claim against the manufacturer or supplier of equipment for any defect or deficiency or claim for any breach of condition or warranty.

 

(5) The Lessee warrants that the execution of this lease agreement and the use and operation of the equipment by the Lessee will not?

 

(a)contravene any provision of any law, rules and regulations; and

 

 

 

(b)result in breach of any agreement or arrangement to which the Lessee is a party

 

(6) The Lessee declares that he has obtained all licences, approvals, consents, etc. as are necessary for or in connection with the execution, validity and enforceability of this lease and for the storage, installation, use and operation of the equipment and he undertakes to      keep them effective and in force during the period of this lease.

 

(7) The Lessee hereby covenants with the Lessor as follows

 

(a)To pay the reserved rents on the days and in manner aforesaid. 

 

(b)To use and operate the equipment carefully and in workmanship manner and to keep the equipment in good and serviceable repair condition (fair wear and tear excepted) and replace old, damaged or broken parts or accessories with parts or accessories of equal value.

 

(c) To keep the equipment in its control at its factory specified in the Schedule and not remove the same therefrom without the prior written permission of the Lessor.

  

(d) To pay all rates, taxes, licence fees, registration charges and other outgoings payable in respect of the equipment or storage,   installation, use or operation thereof or of the premises where the same is kept and shall on demand produce to the Lessor receipts and other evidence of such payment

 

(e) To insure the equipment in the joint names of the Lessor and the Lessee with such insurance company as may be approved by the Lessor against all risks including fire, riot, lightening, explosion,

LETTER BY THE LESSEE FOR EXERCISE OF OPTION TO PURCHASE THE LEASED EQUIPMENTS

 

 

To,

____________.____________.

____________.____________.

____________.____________.

Dear Sir

In terms of lease agreement dated____________.executed between you on the ONE PART and we on the OTHER PART, the equipments described in the Schedule hereto, have been leased to us on the terms and conditions laid down in the said lease agreement. In terms of clause____________.of the said agreement, the lessee has the option to purchase the leased equipments by giving three months notice before the expiration date on the purchase price mentioned in the Schedule to the lease agreement.