This is an equipment/technology lease. The vendor leases the equipment/technology to the lessee, and is responsible for delivery. The document contains clauses on rent, term of the lease, purchase option, substitution, and all other terms common to such an agreement.
West Virginia Equipment Technology Lease
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FAQ
At the end of the lease agreement, you may continue leasing the equipment and continue making payments, upgrade the equipment and get new technology into your business or return the equipment, depending upon the type of agreement in place.
Lease automatically may renew on a month-to-month basis unless landlord or tenant gives written notice of non-renewal before the end of the set term.
A West Virginia month-to-month rental agreement is a short-term lease that ends when written notice is provided by either the landlord or tenant. The minimum required notice period is thirty (30) days. If not notice is made the lease will continue for an indefinite period.
A West Virginia Lease Termination Letter Form (30-Day Notice) is a legal document that is used by either the tenant or the landlord for the purpose of serving at least thirty (30) days notice of the end of a tenancy. This document will maintain compliance to state law and most rental agreements, for either party.
Under this type of arrangement, there is no established termination date; instead, the lease is automatically renewed when the tenant pays their rent, and either party can cancel it with thirty (30) days' notice prior to the subsequent rent due date.
Equipment Lease Types Operating Leases. An operating lease is a contract that permits one company to use another company's equipment in exchange for fixed monthly payments over a specific period of time. ... Finance Leases (or Capital Leases) ... $1 Buyout Lease. ... Purchase Option Lease. ... Sale-Leaseback (or Leaseback) ... TRAC Lease.
Operating leases are any leases that are not finance leases. Organizations generally use them for short-term equipment leasing. The lessee can acquire the use of equipment for just a fraction of the useful life of the asset, and the lessor may provide additional services such as maintenance and insurance.
If a tenant is behind on rent or has violated certain provisions of the rental agreement, a landlord may go directly to court and file an action to evict him or her without giving prior written notice. Notably, a landlord cannot forcibly evict a tenant without first going to court.
