The Standard Equipment Lease documents the leasing of a single equipment package as defined in an attached equipment schedule (not included). The lease term is five years (60 months). Rent is a specified monthly sum. The arrangement envisions possible sale of the equipment by lessor to a third party during the lease term, and gives lessee a right of first refusal on any such sale. The lessee is responsible for selecting the equipment and determining its suitability. Lessee is responsible for insuring the equipment and defending title of lessor. Events of default include breach of any term of the lease, as well as lessee bankruptcy, termination of business and non-payment of rent. Lessor remedies include return of equipment or demand for lessee payment of stipulated loss value, as defined under applicable insurance provisions. You can find answers to your questions using our extensive library of audio questions and answers.
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