Personal Property On Financial Statement

• Category: Leases - Contracts
• State: Multi-State
• Control #: US-00123
• Format: Word; Rich Text

Description

The Contract for the Lease of Personal Property outlines the terms under which a Lessor leases personal property to a Lessee. Key features include the specific details of the leased property, defined terms for the lease duration, and responsibilities for repairs and maintenance. The Lessee must handle repairs, with the Lessor retaining the right to make repairs if necessary, with costs to be reimbursed. Additionally, the Lessee cannot assign or sublet the property without written consent from the Lessor, highlighting the importance of maintaining direct accountability. The relationship between the parties is clearly described, establishing that the Lessor holds no claim over the Lessee's business. The agreement also stipulates that in case of a breach or default, the defaulting party is responsible for legal fees incurred. Important instructions include ensuring that all notices and amendments are documented in writing. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in lease agreements, as it lays out clear terms and responsibilities that protect both parties' interests.