A farm equipment lease is originally a document that outlines the various particulars of the deed wherein one party gives or takes, as the case may be, farm equipment on lease for a certain period of time. Such a lease should include all terms and conditions that frame the agreement, so as to avoid any future complications for either of the parties.
Sample Farm Equipment Lease:
Lease number: 6734892
It is to confirm that I, Harry Steve, as lessee, have leased a rotary tiller [model number: RT 347281] from the owner of Well-land Private Companies, Mike Thomas, the lesser on the 5th day of October, 2011 and the lease is to remain valid till the 7th day of October, 2015. The details of the farm equipment lease have been discussed below:
- Date(s) of lease validity: 5th October, 2011 – 7th October, 2015.
- Payment done: Initial sum of $825000 has been cleared through cheque [cheque no.: 45923] and the rest of the amount, $138500, will be paid on closure of the deed.
- Attested photocopies of residential and identity proof, driving and company license and also income certificates have been enclosed along with this document.
- The signing of the deal has been witnessed by attorney general Barry James.
- The equipment is to be used specifically for farming purposes and its physical condition is to be maintained thoroughly, as any alteration to this clause will be considered as a breach of contract.
- A breach of contract will be punishable under law and will require the lessee to pay a fine of $230000 and/ or spend a term of three years in prison.