Lease To Own Agreement

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{company_phone}} | Email: {{company_email}} | Website: {{company_website}}

Agreement Date and Parties

This Lease To Own Agreement (hereinafter referred to as the 'Agreement') is made and entered into on this {{agreement_date}} day of {{agreement_month}}, {{agreement_year}},

BETWEEN:

{{owner_company_name}}, a company duly registered and incorporated under the laws of {{owner_company_jurisdiction}}, with its principal place of business at {{owner_company_address}} (hereinafter referred to as 'the Lessor');

AND

{{lessee_company_name}}, a company duly registered and incorporated under the laws of {{lessee_company_jurisdiction}}, with its principal place of business at {{lessee_company_address}} (hereinafter referred to as 'the Lessee').

Collectively referred to as 'the Parties'.

Description of Leased Asset

The Lessor hereby agrees to lease to the Lessee, and the Lessee agrees to lease from the Lessor, the following asset (hereinafter referred to as 'the Asset'):

Asset Type: {{asset_type}}

Make/Model: {{asset_make_model}}

Serial Number: {{asset_serial_number}}

Description: {{asset_description}}

Location of Asset: {{asset_location}}

Lease Term

The term of this Lease shall commence on {{lease_start_date}} and shall continue for a period of {{lease_term_months}} months, ending on {{lease_end_date}}.

Lease Payments

The Lessee shall pay to the Lessor a monthly lease payment of {{monthly_lease_payment_currency}} {{monthly_lease_payment_amount}} ({{monthly_lease_payment_words}}), payable in advance on the {{payment_due_day}} day of each calendar month, commencing on {{first_payment_date}}.

All payments shall be made to {{payment_method_details}}.

Option to Purchase

The Lessee shall have the option to purchase the Asset at any time during the lease term, or at the end of the lease term, for the purchase price of {{purchase_price_currency}} {{purchase_price_amount}} ({{purchase_price_words}}).

If the Lessee exercises this option, all lease payments made prior to the exercise of the option shall be credited towards the purchase price, subject to the conditions outlined in Clause X (Proration of Payments).

The Lessee shall notify the Lessor in writing of their intention to exercise the purchase option at least {{notice_period_days}} days prior to the desired purchase date.

Maintenance and Repairs

The Lessee shall be responsible for the routine maintenance, servicing, and minor repairs of the Asset to keep it in good working order throughout the lease term.

Major repairs, as defined in {{major_repair_definition_clause}}, shall be the responsibility of the {{major_repair_responsible_party}}.

Insurance

The Lessee shall, at its own expense, maintain comprehensive insurance coverage for the Asset against loss, theft, damage, and public liability, with coverage amounts not less than {{insurance_coverage_amount_currency}} {{insurance_coverage_amount_amount}}.

The Lessor shall be named as an additional insured party on all such insurance policies.

Proof of insurance shall be provided to the Lessor upon request.

Default

If the Lessee fails to make any lease payment within {{grace_period_days}} days of its due date, or breaches any other material term of this Agreement, the Lessor may, at its option and without prejudice to any other remedies, terminate this Agreement and repossess the Asset.

Governing Law and Jurisdiction

This Agreement shall be governed by and construed in accordance with the laws of {{governing_country}}.

Any disputes arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of {{governing_city}}, {{governing_country}}.

Signatures

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first above written.

For the Lessor:

_____________________________

Name: {{lessor_signatory_name}}

Title: {{lessor_signatory_title}}

For the Lessee:

_____________________________

Name: {{lessee_signatory_name}}

Title: {{lessee_signatory_title}}