Free Car Lease Contract Template
CAR LEASE CONTRACT
As of [DATE], this Car Lease Contract ("Contract") is established by [YOUR NAME], having the main business location at [YOUR COMPANY ADDRESS] ("Lessor"), and [LESSEE'S NAME], with its main business location at [LESSEE'S COMPANY ADDRESS] ("Lessee").
1. LEASED VEHICLE
By this contract, the party herein referred to as the Lessor grants the party announced as the Lessee, the rights to lease and use the specifically described vehicle. Consequently, the Lessee accepts to rent this vehicle from the Lessor. The vehicle in question in this contract is detailed as follows: It is a 2050 Toyota Camry, a model characterized by its appealing white exterior. Furthermore, it is a four-door sedan and is identifiable through its unique Vehicle Identification Number (VIN) which stands as 2385MQO125.
2. TERM OF LEASE
The lease contract specified in this document has a duration of thirty-six months (36 Months). It formally commences on the first day of April in the year 2055. The stipulated termination date is set to be the very last day of March in the year 2058 which is set three years after the specified beginning date.
3. RENTAL PAYMENTS
The individual who is leasing, henceforth referred to as the lessee, agrees to make a payment to the individual or entity who is leasing out, the lessor, as a form of rent for the utilization of the vehicle owned by the lessor. This payment has been determined to be in the amount of $350 and is expected to be paid every month. Furthermore, it has been agreed that the due date for this monthly payment will be the 1st day of each respective month.
4. USE OF VEHICLE
The individual or entity identified as the Lessee in this contract will commit to using the leased Vehicle solely for personal or business use and is expected to not use the vehicle for any other purposes not mentioned in the contract. The Lessee also agrees to operate the Vehicle on every type of road, from highways to local roads. Furthermore, the Lessee is expected to use the Vehicle in the manner for which it was designed and intended. This means respecting the limits and capacities of the vehicle, as well as not using the vehicle in any way that deviates from its conventional and established operation and usage.
5. MAINTENANCE AND REPAIR
The individual or party that is designated as the Lessee is the one who will bear complete financial responsibility for any maintenance and repair costs related to the Vehicle. Upon the termination of the leasing contract, it is expected that the Lessee will return the Vehicle to the rightful Lessor, ensuring its condition is the same as when they initially received it. However, this does not cover standard, everyday wear and tear that happens through normal usage over the lifespan of the lease contract.
6. INSURANCE
The individual identified as the lessee, who is the party partaking in this Lease Contract, has the sole responsibility to ensure that throughout the entire duration or term of this Lease, the Vehicle in question is consistently covered by an insurance policy. This responsibility of maintaining insurance coverage will be borne solely, and entirely at the expense of the lessee.
7. INDEMNIFICATION
Lessee shall indemnify, defend, and hold harmless the Lessor from and against all claims, damages, losses, and expenses arising out of or resulting from the use, possession, or leasing of the Vehicle.
8. DEFAULT
If the Lessee does not fulfill or fails to comply with any of the terms and conditions specified within this Lease, the Lessor reserves the right to terminate the Lease contract. However, the Lessor is obliged to provide the Lessee with a notification of termination that should be served 30 days before the proposed end of the Lease.
9. GOVERNING LAW
This Lease shall be governed by and construed by the laws of JURISDICTION.
IN WITNESS WHEREOF, the parties have executed this Lease as of the date first above written.
[YOUR NAME]
[YOUR COMPANY NAME]
[DATE SIGNED]
[LESSEE'S NAME]
[LESSEE'S COMPANY NAME]
[DATE SIGNED]
