Lease Agreement -Furniture

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       This lease, effective as stated below, is between _________, of _________[address], City of _________, County of _________,lessor, and _________, of _________[address], City of _________, County of _________, , lessee.

1. DESCRIPTION OF FURNITURE LEASED.

Lessor leases to lessee, and lessee leases from lessor, the following described furniture:

Stock No.

Common Name

Color

Size

Value

Manufac-turer

Quantity

Con-dition

 

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2. TERM OF LEASE.

The term of this lease shall be from _________[date] until _________[date]. Lessee may terminate this agreement before the end of the term under the following conditions: _________. Lessee shall pay lessor for any such early termination the amount of Baht_____. Lessor may terminate this lease before the end of the term of the lease under the following conditions: _________. On such early termination, lessor shall be entitled to collect from lessee the following charges: _________.

 

3. LEASE PAYMENTS.

Lessee agrees to pay lessor lease payments in the amount of Baht_____, payable in monthly installments as follows: the sum of Baht_____ on the execution of this lease, to be applied to the last month's rental, with the first monthly payment of Baht_____ to be paid on _________[date], and subsequent payments of Baht_____ per month to be paid on or before the _________ day of each month thereafter. A late payment charge of Baht_____ shall be imposed for every payment not made on or before the due date.

 

4. SECURITY DEPOSIT.

On the execution of this agreement, lessee shall deposit with lessor the sum of Baht_____ as security for the faithful performance by lessee of the terms and conditions of this lease. If lessee fully complies with the terms and conditions, the deposit shall be refunded to lessee on termination of this lease. Should lessee fail to comply with any of the terms, such deposit may be applied by lessor to the payment of the costs and expenses, including attorney fees, incurred by lessor because of such default. Such deposit shall not be considered as payment for lease payments due, nor shall it release lessee from the obligation to make such lease payments or from any of the obligations assumed by lessee.

 

5. CHARGES, TAXES, FEES.

On the execution of this lease, lessee shall pay lessor the following charges, taxes, and fees:

(a). Delivery charge: Baht_____

(b). Pick-up charge: Baht_____

(c). Taxes: Baht_____

(d). Fees: Baht_____

(e). Other charges: Baht_____

 

6. MAINTENANCE AND REPAIRS.

Lessee shall be responsible for the following maintenance and repairs of the leased furniture: _________[cleaning, and the like]. Lessor shall be responsible for the following maintenance and repairs of the leased furniture: _________.

 

7. INSURANCE.

Insurance covering loss by _________, in the amount of Baht_____ will be maintained by lessee with an insurance company acceptable to lessor, the premiums of which shall be paid by lessee. In the event lessee shall fail to pay for or provide any such insurance, lessor, at lessor's option, may pay for such insurance and add the amount paid to the next monthly lease payment due from lessee. Lessee will promptly notify lessor of any loss, damage, or incident that may give rise to an insurance claim.

 

8. RISK OF LOSS OR DAMAGE.

Lessee assumes all risks of loss or damage to any portion of the furniture leased not covered by insurance. All replacements, repairs, or substitution of parts or equipment shall be at the cost and expense of lessee. Lease payments on the leased furniture shall not be prorated or abated while it is being repaired.

 

9. WARRANTIES.

The leased furniture is subject to the following express warranties: _________.

 

10. SECURITY INTEREST.

Lessor reserves a security interest to secure performance of lessee's obligations under this lease as follows: _________.

 

11. OPTION TO PURCHASE.

Lessee is granted the option to purchase any particular item of the furniture leased, provided lessee gives written notice to lessor of its intention to exercise the option at least _________ days prior to the date lessee intends to exercise the option.

If the option is exercised at the termination of the lease, the price of each item shall be as follows:

Item

Price

 

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If the option is exercised _________ months prior to the end of the term of the lease, the price of each item will be as follows:

Item

Price

 

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Should lessee exercise this option, _________ _____% of the sum paid as lease payments shall be applied to the purchase price of the item of furniture, and, on receipt of the balance of the purchase price by lessor, together with a sum equal to any new or applicable unpaid sales and use taxes, lessor will transfer title of the item of furniture to lessee.

 

12. DELIVERY AND ACCEPTANCE OF FURNITURE.

Lessor shall deliver the leased furniture not later than _________, _________[year]. On delivery, lessee shall immediately inspect each item of furniture delivered. Unless lessee notifies lessor in writing within _________ days from the time of actual delivery, specifying any defect or objection to the furniture, lessee will be conclusively presumed to have fully inspected and acknowledged that the furniture is in good condition, and that lessee is satisfied with and has accepted the furniture in good condition.

 

13. RETURN OF FURNITURE.

On the termination of the lease for any reason whatever, lessee shall return the leased furniture to lessor in as good condition as when received, reasonable wear and tear excepted. The standard for determining unreasonable or excessive wear and use of the leased furniture shall be as follows: _________.

 

In witness whereof, each party has caused this agreement to be executed on the date indicated below.

[Signatures, titles, and date(s) of signing]

 

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