DOCUMENT

FORM - Master Lease Agreement 2001

  • YEAR CREATED: 2001
  • ENTITY TYPE: City/Township
  • TYPE OF DOCUMENT: FORM - Form
This document is a lease agreement between a Lessor and a Lessee for the acquisition of an Equipment Group. The Lessee is required to submit various documents, including a Tax Agreement, evidence of insurance, vendor invoices, financing statements, and more. Once the documents are submitted and approved by the Lessor, the Equipment is leased to the Lessee. The agreement includes provisions for the performance of the Equipment as desired by the Lessee. It also addresses the responsibility for any damage, destruction, or loss of possession of the Equipment. In case of obsolescence of the Equipment, the agreement may provide options for termination or replacement. The Lessee is responsible for making rental payments, which are considered a current expense and not an indebtedness. The Lessee's obligation to make rental payments is unconditional, and they are not allowed to assert any right of set-off or counterclaim. Additionally, the agreement outlines the term of the lease, termination procedures, and an escrow procedure. It may also include provisions for late payment fees, default remedies, and dispute resolution mechanisms. Overall, the lease agreement establishes the terms and conditions for the leasing of the Equipment Group, including the Lessee's obligations, payment terms, and the Lessor's rights and remedies.
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