A lease is a contract for the (user) legally known as Lessee to pay the (owner) known as Lessor while utilizing an asset. By using such agreement, the lessee attains the right to use the provision on rental payments.
The lease may be termed on fixed, episodic or of infinite duration. If it is for a set period of time, the term is completed automatically at the expiry date, and no notice is required. The term’s duration is kept conditional, like the death of the owner. An episodic tenancy is one which is repeated automatically on a monthly or weekly foundation. A lease can be extended on a “waiting” basis, which converts the tenancy to an episodic tenancy monthly. There are several lease agreement templates available online which is totally free. These templates offer you blank designs to fill up your own sort of lease and specifying the type of leases like care lease or rental property.
Common elements of a lease agreement include:
- Names of the lessor and lessee of the agreement.
- The date and duration of the agreement.
- Identification number of the asset being leased.
- Renewal or non-renewal terms and conditions.
- Types of payments for granting the use of this object.
- Security deposits and its terms and conditions
- Default and remedying.
- Insurance matter
- Restrictive use.
- Maintenance matters
- Clauses for termination
If you want to prepare an authorized lease agreement for any purpose you are at right place to have a copy of the free template. Download your particular agreement which is available with fully customizable options to tailor-fit your requirement.
Lease Agreement Template
Microsoft Word document file | File size 41 KB | Download