Tripartite lease agreement between lessor, lessee and the guarantor
| Updated at | March 2010 |
THIS AGREEMENT of Lease made at_____________ on this__________ day of_____________ 2000, between ABC Co. Ltd., a company incorporated under the Companies Act, 1956 and having its registered office at __________ (Hereinafter referred to as "the lessor") of the FIRST PART and XYZ Co. Ltd., a company incorporated under the Companies Act, 1956 and having its registered office at ____________ (Hereinafter referred to as "the lessee") of the SECOND PART and M, son of ____________resident of_______________ (hereinafter referred to as "the Guarantor") of the THIRD PART.
WHEREAS on the request made by the Lessee, the Lessor has agreed to purchase the equipment, more particularly described in the Schedule hereto (Hereinafter referred to as "the Equipment") at the price mentioned in the proposal form signed by the Lessee
AND WHEREAS the Lessee has offered to take the equipment so purchased by the lessor.
AND WHEREAS the Guarantor has agreed to stand surety for the payment of lease rentals and observance and performance of covenants, stipulations and terms and conditions of this agreement.
AND WHEREAS the Lessor has agreed to purchase and lease the said equipment to the Lessee upon the terms and conditions hereinafter appearing.
NOW IT IS HEREBY AGREED AS FOLLOWS:
In pursuance of the said agreement and in consideration of the lease rent hereby reserved and of the covenants, stipulations and terms and conditions herein contained and on the part of the lessee to be observed and performed, the Lessor doth hereby grant the lease of the equipment unto the Lessee upon the terms and conditions hereinafter mentioned for the term of __________ years commencing on the________ day of _______200-.
The Lessee shall pay to the Lessor lease rent at the rates on the days and in the manner specified in the Schedule hereunder written without deduction or abatement in advance on the 1Oth day of each calendar month, the first such payment to be made on the____________ day of________ and if the lease rent is not paid on the due dates, the Lessee shall pay interest thereon at the rate of______ % per month from the due date till payment.
The equipment shall be delivered to the Lessee by the manufacturer at the Lessee's factory at the address specified in the Schedule and the Lessor will not be liable for any loss or damage caused to the equipment before or in the process of transportation or delivery of the equipment.
The Lessee acknowledges, declares and agrees that:
(i) the equipment is of a size, design, capacity and manufacture selected by the Lessee;
(ii) the Lessee has selected the equipment and the manufacturer based on its own judgment;
(iii) the Lessor is not the manufacturer or supplier of the equipment and it has not made any representations or statement about the equipment and the Lessee disclaims any reliance on the statement made by the Lessor, if any relating to the equipment;
(iv) the Lessee has not given any warranties express or implied on to any matter whatsoever including the condition, fitness or merchantability of the equipment or suitability of the same for any purpose;
(v) the Lessor will not be liable to the lessee for any liability, claim, loss, damage or expenses of any kind or nature whatsoever arising from the leasing, installation, use or operation of the equipment or its failure to operate or perform or otherwise howsoever.
The lessee shall throughout the said term:
(i) Pay the lease rentals and other amounts regularly and punctually payable hereunder.
(ii) Keep and maintain the equipment in good and substantial repair and condition (fair wear and tear excepted) and in case the...
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