A vehicle lease extension is a formal and legally binding arrangement made between two parties wherein the owner of a vehicle agrees to lease it to a lessee for a fixed duration of time and in return for fixed amount of lease payment. These extension documents are used to lay down the formal terms and conditions and the important details of the vehicle which is to be leased. Given below is a sample of a vehicle lease extension which can be used by any person for reference purpose.
Sample Vehicle Lease Extension:
This vehicle lease extension is being formed between the LESSOR and the LESSEE wherein the LESSOR owns the vehicle and the LESSEE agrees to pay a certain payment for the usage of the vehicle for 12 months.
Commencement date: 1st May 2012
Termination date: 1st May 2013
The details of the parties are given as follows:
Name: Bill Nathan
Address: s-89, Mathew block, Red lane, London
Name: Sarah Marshall
Address: Y-78, first floor, Norton square, London
The details of the vehicle to be leased are given as follows:
Model number: Avenger D-90
Details of lease payment:
Lease per month: $200
Total lease amount: $2400
Mode of payment: cash
Terms and conditions:
- The LESSOR must hand over all the legal papers and documents of the vehicle to the LESSEE.
- The LESSEE has to pay the diesel charges of the car himself during the contract term.
- The LESSEE must take care of the servicing, maintenance and repair of the car during the term of the lease.
- The LESSOR holds the right to inspect the car by giving a prior notice to the LESSEE.
- The LESSEE cannot drive the vehicle outside London without taking permission from the LESSOR.
Bill Nathan Sarah Marshall