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copyrighted, online questionnaire process.

• General Purpose. Our equipment lease agreement form is designed for use in the lease of commercial equipment or other types of tangible personal property. This agreement should not be used to lease real estate, nor should it be used to lease intangible property such as software, technology, or license rights. Our form system contains the following features for creation of an Equipment Lease Agreement:
  1. Name the Lessor and up to two Lessees;
  2. Describe the leased equipment;
  3. Choose between term lease (i.e., for a set term such as two years) or a "month-to-month" lease;
  4. Set lease amount and date lease to commence;
  5. Set the security deposit and conditions for its return;
  6. Set penalties and interest rate on late lease payments;
  7. Select state law that which cover interpretation of contract;
  8. If a term lease, decide whether to require that lease future lease payments are accelerated to become currently due and payment Lessor in cases where Lessee has defaulted and Lessor has taken back possession of the leased equipment prior to expiration of the lease term;
  9. Decide whether Lessor to receive its attorneys fees should it need to enforce the agreement;
  10. Prevents assignment of lease by Lessee without Lessor's approval.
• What is an "acceleration clause"? "Accelerate" in an equipment lease means all future lease payments become due shortly after the default. For example, if the lessee defaults on a 48 month lease with $750 per month lease payments after 20 months, the remaining 28 lease payments (totaling $21,000) get accelerated and are due currently. Our template language, following Uniform Commercial Code § 2A-529(1), requires that accelerated payments be discounted to present value at the date of collection from the original future, contractual due date.
• A UCC financing statement, although designed to reflect a security interest for a loan, may also be used to notify third parties of other interests such as an equipment lease. A third-party may think leased equipment is owned by the lessee. To avoid any possible fraud by the lessee, equipment lessors often file a UCC 1 financing statement, noting that the "collateral" is leased and showing the name of the lessor as the "secured party".