Form Of Quotation And Lease Agreement

Form Of Quotation And Lease Agreement
Between The Registrant And Its Lessees


LEASE AGREEMENT


This Agreement of Lease and Rental, entered into on this _______, by and between _______ an Indiana corporation, (hereinafter known as Lessor) and ________________________ corporation (hereinafter known as Lessee) have agreed in consideration of the promises contained herein,


WITNESSETH:


1. The Lessor hereby leases and rents unto the lessee and the Lessee hereby leases and rents from the Lessor, upon the terms and conditions, covenants and considerations and considerations hereinafter set forth certain equipment and personal property of the Lessor more fully described as follows:


One (1) Serial Number


2. Title to said leased property shall at all times remain in the Lessor's name and Lessee shall enjoy only the beneficial use thereof as set forth herein, so long as the Lease Agreement remains in full force and effect. Lessee may take possession of the leased property upon the execution of this agreement.


3. As rental for the use of the above described equipment, the Lessee shall pay to the Lessor a monthly rental of ________, the first of which said rentals shall be payable on the ___________ and shall continue with a like payment on the 25th day of each and every month thereafter for a period of five years. At the end of the term of this lease, Lessee may purchase the leased property for the fair market value.


4. Lessee shall at the cost and expense of the Lessee, cause the leased equipment to be insured in a good and reliable insurance company for the protection and benefit of the Lessor, with the Lessor named in said insurance policy as an additional insured. The Lessee shall forthwith provide the Lessor with due proof of Lessee's compliance with said insurance requirements set forth above. In addition, the terms of the insurance policy insuring the leased equipment shall allow the Lessor at least 2 ten (10) days notice of the Lessee's default on said insurance policy premiums, prior to the cancellation of said insurance coverage, and the Lessor have the right during the ten (10) day notice period to, at its discretion, to pay the insurance premium. Said payment of an insurance premium by the Lessor shall constitute default by the Lessee in the terms of this contract.


5. The Lessee may use said leased equipment for the following purposes and in the following manner:


In normal course of Lessee's business of manufacturing.


6. Lessee shall keep and maintain the leased equipment in a reasonable state of repair at all times, comparable to it's present condition, and to purchase at the cost and expense of Lessee any repairs and maintenance necessary.


7. The operators of said equipment shall be the employees, agents and servants of the Lessee alone and shall in no manner be under the direction, control or in the employ of the Lessor. As concerns the operation of said equipment, Lessee shall be deemed as an independent contractor and not an agent, employee or servant of the Lessor, nor under the direction or control of the Lessor in any manner.


8. So long as this agreement shall remain in effect, the Lessee shall pay all taxes assessed against the leased property by the Sate of Indiana, the United States ...