FREE Canadian Equipment Lease Agreement

EQUIPMENT LEASE AGREEMENT

This Equipment Lease Agreement dated [date] of 20____ made by and between:

[Name of the Company], a body corporate having an office at in [Address], in the Province of [Province], Canada (hereinafter referred to as the "Corporation")

AND

[Name] having his/her permanent place of residing at [address] known as the Lessee.

WHEREAS the Corporation owns, manages or leases certain heavy machine equipment; and

WHEREAS the Lessee desires to lease from the Corporation certain heavy machine equipment ["Equipment"] in the Areas in which the Lessee operates from time to time.

NOW THEREFORE in consideration of the mutual covenants and agreement herein contained, the Corporation and the Lessee agree as follows:

Lease: Unless the request of the Lessee, from time to time, and subject to the availability of Equipment, the Corporation hereby agrees to lease to the Lessee and the Lessee hereby agrees to lease from the Corporation: [Description of the Equipment].

Term: The term of this Lease shall commence on [Start Date] and shall expire on [Lease Length] months thereafter.

Rent and Deposit: The monthly rent for the Equipment shall be paid in advance in installments of [Installment Amount] each month, beginning on Date of First Payment], to the Corporation. Any installment payment not made by the [Late date] day of the month shall be considered overdue and in addition to Corporation’s other remedies. The Lessee shall pay a Security Deposit of [amount] prior to taking possession of the Equipment. The deposit will be refunded to Lessee promptly following Lessee's performance of all obligations in this Lease.

In the event of default of any of the terms and conditions set out herein or with respect to the payment by the Lessee of the rental charges related to this Agreement, or if the Lessee becomes insolvent or makes an assignment for the general benefit of its creditors or applies for or consents to the appointment of a receiver, receiver-manager, trustee, or liquidator, or upon the institution by or against the Lessee of any other proceedings under the Bankruptcy and Insolvency Act, R.S.C. 1985 c. B-3 or the Companies’ Creditors Arrangements Act, R.S.C. 1985 c. C-36, the Corporation Shall have right to (1) terminate this Agreement; or (2) demand the fee and other charges payable to the Lessor due and payable immediately.

GST: The Lessee shall be responsible for the payment of GST with respect to the Equipment. The Corporation will collect from the Lessee such GST and remit the GST to the appropriate governmental agency. The Lessee in addition to the fees contemplated herein as Fee shall pay any such GST.

Use: The Lessee shall use the Equipment in a careful and proper manner and shall comply with and conform to all national, state, municipal, police and other laws, ordinances and regulations in any way relating to the possession, use or maintenance of the Equipment. [Any other Restrictions]

Disclaimer of Warranty: The Corporation disclaims and warrants that any and all other warranties, express or implied, including but not limited to implied warranties of merchantability and fitness for a particular purpose, except that Corporation warrants that Corporation has the right to lease the equipment, as provided in this lease.

Termination: If Lessee fails to pay any rent or other amount herein provided within ten (10) days after the same is due and payable, or if Lessee fails to observe, keep or perform any other provision of this Lease required to be observed, kept or performed by Lessee, Corporation shall have the following right:

1. To declare the entire amount of rent hereunder immediately due and payable without notice or demand to Lessee.

General:

The Lessee shall at his own cost and expense, keep the Equipment in good repair, condition and working order.

The Lessee agrees that upon the expiration or earlier termination of this agreement, the Lessee shall return the Equipment to Corporation in good repair, condition and working order, by delivering the Equipment at Lessee's cost and expense.

Lessee shall not assign this Lease or its interest in the Equipment without the prior written consent of Corporation.

This Lease shall be construed and enforced according to laws of the Province of [Province], CANADA.

WITNESS the signatures of the parties to this agreement to lease equipment:



CORPORATION: LESSEE:



Sign: _______________________ Sign: _______________________

Date: ______________ Date: ______________