Equipment Lease Assignment

for Your State

For use when assigning an existing equipment lease to another party. This form sets out the specific terms including the parties, detailed description of the equipment and effective date of the assignment.

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An assignment of equipment lease is a contract where a party who originally was leasing equipment (the "Assignorƒ) assigns his rights and responsibilities under that lease to another party (the "Assigneeƒ), generally for the remainder of his/her lease term. The Assignor may choose to use an assignment for a number of reasons including change of business circumstances, financial concerns or other changes in circumstances.

This form can be used in all states.

This packet includes:
(1) Instructions and Checklist
(2) Information about the Assignment of Equipment Lease
(3) The Assignment of Equipment Lease (the "Assignmentƒ).

Among others, this form includes the following provisions:
Assignment of Rights
Assumption of Obligations
Security Deposit
Indemnification
Binding Effect of the Agreement
Notice
Waiver
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.













Assignment Of Equipment Lease









This Packet Includes:
1. Instructions and Checklist
2. General Information
3. Assignment Of Equipment Lease





Instructions and Checklist
Assignment Of Equipment Lease

   Both the Assignor (the original lessee) and the Assignee (the new lessee) should review the Assignment carefully before signing.

   Most Equipment Leases require that before a party may assign its rights in a lease, the consent of the owner of the equipment (the “Owner”) is required.  You should review your Master Equipment Lease Agreement (the original lease) to determine if the Owners consent is required.

   The Assignor should provide the Assignee with a copy of the Master Equipment Lease Agreement.
 
   The Assignor and Assignee must both sign the Assignment.  Generally each party will retain an original signed Assignment; therefore, at least two original copies of the Assignment should be executed (i.e. signed).  The Owner may also require a copy of the Assignment.

   You can erase the italicized statements in the Assignment; these are just instructions to help you complete it.

   Laws vary from time to time and from state to state. These forms are not intended to be and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used or signed before first consulting with an attorney to ensure that it addresses your particular situation. An attorney should be consulted before negotiating any document with another party.

   The purchase and use of these forms is subject to the “Disclaimers and Terms of Use” found at findlegalforms.com.





General Information
Assignment Of Equipment Lease

An assignment of equipment lease is a contract where a party who originally was leasing equipment (the “Assignor”) assigns his rights and responsibilities under that lease to another party (the “Assignee”), generally for the remainder of his/her lease term.   The Assignor may choose to use an assignment for a number of reasons including change of business circumstances, financial concerns or other changes in circumstances.

Depending on your original equipment lease, to perform an assignment you may also need the consent of the Owner (the owner of the equipment).  Review your original equipment lease to determine whether such consent is required.  If it is, contact the Owner.  The law generally does not require that the Owner consent to an assignment, so it is best to handle the situation diplomatically.

These types of agreement are governed by state law.  Many of the state laws differ dramatically, therefore the Owner, the Assignor and the Assignee should all become familiar with the laws of their state before entering into this type of arrangement.  In addition, before using this form you should always consult with your attorney to ensure that it addresses your specific situation.







DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only an attorney can provide legal advice.  An attorney should be consulted for all serious legal matters.  No Attorney-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS.






Assignment of Equipment Lease


This Assignment of Equipment Lease (the “Assignment”) is made and entered on _____________________________________________, ___________, by and between _________________________________________________________ (“Assignor”) and __________________________________________________ (“Assignee”) (collectively referred to as the “Parties”).  Assignor is the “Lessee[change this label to match that in the original document] in an equipment lease agreement dated _________________ between the Assignor and ___________________________ (“Owner”) for a term ending on ______________, 20___  (the “Master Lease”) for the following equipment: _______________________________________________________________________________________________________________________________  (the “Equipment”).  

The Parties agree as follows:
1.  ASSIGNMENT: Assignor hereby assigns to Assignee all of his/her interests, rights and obligations in the Equipment and the Master Lease, except as described in Section 3 below.  
2. ASSUMPTION OF OBLIGATIONS:  Assignee acknowledges the receipt of a copy of the Master Lease.  Assignee hereby assumes all of Assignors interests, rights and obligations in the Equipment and the Master Lease arising or accruing on or after the date of this Assignment.  Assignee agrees to comply with all the terms, make all payments, and perform all conditions and covenants in the Master Lease as if Assignee were the original Lessee therein.  

3.  SECURITY DEPOSIT: (mark applicable provision)

  Prior to taking possession of the Equipment, Assignee shall deposit with Owner, in trust, a security deposit of $__________ as security for the performance by Assignee of the terms under this Assignment and for any damages caused by Assignee or Assignees agents to the Equipment during the term of the lease.  

  Assignor assigns and transfer all rights and interests in the Security Deposit, as described in ____ Section of the Master Lease, to Assignee.

  There is no Security Deposit.

  Other: ________________________________________________________________
________________________________________________________________________

4.  INDEMNIFICATION:  Assignee will indemnify, protect and hold Assignor harmless from and against any and all loss, cost, or damage in any way related to Assignees breach or default of the obligations or covenants in the Master Lease or this Assignment.  Assignor will indemnify, protect and hold Assignee harmless from and against any and all loss, cost, or damage in any way related to Assignors breach or default of the obligations or covenants in the Master Lease or this Assignment.
5.  ASSIGNORS REPRESENTATIONS:  Assignor warrants that the Master Lease is in full force and effect and fully assignable or may be assigned with Owners consent.  If Owners consent is required, Assignor will obtain such consent.  Assignor further warrants that the contract rights transferred in this Assignment are free of lien, encumbrance or adverse claim.

6. BINDING EFFECT: The covenants and conditions contained in the Assignment shall apply to and bind the Parties and their heirs, legal representatives, successors and permitted assigns.

7. GOVERNING LAW: This Assignment shall be governed by and construed in accordance with the laws of the State of ______________________________________.

8. NOTICE: Any notice required or otherwise given pursuant to this Assignment shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service to:

Assignor:                  Assignee:

________________________________      ______________________________
________________________________      ______________________________
________________________________      ______________________________


Either party may change such addresses from time to time by providing notice as set forth above.

9. WAIVER: The failure of either party to enforce any provisions of this Assignment shall not be deemed a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Assignment.

10. ADDITIONAL TERMS & CONDITIONS (Specify “none” if there are no additional provisions)
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________



IN WITNESS WHEREOF, the Parties have caused this Assignment to be executed the day and year first above written.




ASSIGNOR:

___________________________________________________

___________________________________
(Name)
___________________________________
(Position, if applicable)





ASSIGNEE:

____________________________________________________

___________________________________
(Name)
___________________________________
(Position, if applicable)





OWNERS CONSENT

If Owners consent is not required, Assignor shall initial here [____].

The undersigned, Owner in the Master Lease, hereby consents to the foregoing Assignment.

OWNER:

____________________________________________________
___________________________________
(Name)

Date: _____________________________
Number of Pages5
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#20858
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.













Assignment Of Equipment Lease









This Packet Includes:
1. Instructions and Checklist
2. General Information
3. Assignment Of Equipment Lease





Instructions and Checklist
Assignment Of Equipment Lease

   Both the Assignor (the original lessee) and the Assignee (the new lessee) should review the Assignment carefully before signing.

   Most Equipment Leases require that before a party may assign its rights in a lease, the consent of the owner of the equipment (the “Owner”) is required.  You should review your Master Equipment Lease Agreement (the original lease) to determine if the Owners consent is required.

   The Assignor should provide the Assignee with a copy of the Master Equipment Lease Agreement.
 
   The Assignor and Assignee must both sign the Assignment.  Generally each party will retain an original signed Assignment; therefore, at least two original copies of the Assignment should be executed (i.e. signed).  The Owner may also require a copy of the Assignment.

   You can erase the italicized statements in the Assignment; these are just instructions to help you complete it.

   Laws vary from time to time and from state to state. These forms are not intended to be and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used or signed before first consulting with an attorney to ensure that it addresses your particular situation. An attorney should be consulted before negotiating any document with another party.

   The purchase and use of these forms is subject to the “Disclaimers and Terms of Use” found at findlegalforms.com.





General Information
Assignment Of Equipment Lease

An assignment of equipment lease is a contract where a party who originally was leasing equipment (the “Assignor”) assigns his rights and responsibilities under that lease to another party (the “Assignee”), generally for the remainder of his/her lease term.   The Assignor may choose to use an assignment for a number of reasons including change of business circumstances, financial concerns or other changes in circumstances.

Depending on your original equipment lease, to perform an assignment you may also need the consent of the Owner (the owner of the equipment).  Review your original equipment lease to determine whether such consent is required.  If it is, contact the Owner.  The law generally does not require that the Owner consent to an assignment, so it is best to handle the situation diplomatically.

These types of agreement are governed by state law.  Many of the state laws differ dramatically, therefore the Owner, the Assignor and the Assignee should all become familiar with the laws of their state before entering into this type of arrangement.  In addition, before using this form you should always consult with your attorney to ensure that it addresses your specific situation.







DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only an attorney can provide legal advice.  An attorney should be consulted for all serious legal matters.  No Attorney-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS.






Assignment of Equipment Lease


This Assignment of Equipment Lease (the “Assignment”) is made and entered on _____________________________________________, ___________, by and between _________________________________________________________ (“Assignor”) and __________________________________________________ (“Assignee”) (collectively referred to as the “Parties”).  Assignor is the “Lessee[change this label to match that in the original document] in an equipment lease agreement dated _________________ between the Assignor and ___________________________ (“Owner”) for a term ending on ______________, 20___  (the “Master Lease”) for the following equipment: _______________________________________________________________________________________________________________________________  (the “Equipment”).  

The Parties agree as follows:
1.  ASSIGNMENT: Assignor hereby assigns to Assignee all of his/her interests, rights and obligations in the Equipment and the Master Lease, except as described in Section 3 below.  
2. ASSUMPTION OF OBLIGATIONS:  Assignee acknowledges the receipt of a copy of the Master Lease.  Assignee hereby assumes all of Assignors interests, rights and obligations in the Equipment and the Master Lease arising or accruing on or after the date of this Assignment.  Assignee agrees to comply with all the terms, make all payments, and perform all conditions and covenants in the Master Lease as if Assignee were the original Lessee therein.  

3.  SECURITY DEPOSIT: (mark applicable provision)

  Prior to taking possession of the Equipment, Assignee shall deposit with Owner, in trust, a security deposit of $__________ as security for the performance by Assignee of the terms under this Assignment and for any damages caused by Assignee or Assignees agents to the Equipment during the term of the lease.  

  Assignor assigns and transfer all rights and interests in the Security Deposit, as described in ____ Section of the Master Lease, to Assignee.

  There is no Security Deposit.

  Other: ________________________________________________________________
________________________________________________________________________

4.  INDEMNIFICATION:  Assignee will indemnify, protect and hold Assignor harmless from and against any and all loss, cost, or damage in any way related to Assignees breach or default of the obligations or covenants in the Master Lease or this Assignment.  Assignor will indemnify, protect and hold Assignee harmless from and against any and all loss, cost, or damage in any way related to Assignors breach or default of the obligations or covenants in the Master Lease or this Assignment.
5.  ASSIGNORS REPRESENTATIONS:  Assignor warrants that the Master Lease is in full force and effect and fully assignable or may be assigned with Owners consent.  If Owners consent is required, Assignor will obtain such consent.  Assignor further warrants that the contract rights transferred in this Assignment are free of lien, encumbrance or adverse claim.

6. BINDING EFFECT: The covenants and conditions contained in the Assignment shall apply to and bind the Parties and their heirs, legal representatives, successors and permitted assigns.

7. GOVERNING LAW: This Assignment shall be governed by and construed in accordance with the laws of the State of ______________________________________.

8. NOTICE: Any notice required or otherwise given pursuant to this Assignment shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service to:

Assignor:                  Assignee:

________________________________      ______________________________
________________________________      ______________________________
________________________________      ______________________________


Either party may change such addresses from time to time by providing notice as set forth above.

9. WAIVER: The failure of either party to enforce any provisions of this Assignment shall not be deemed a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Assignment.

10. ADDITIONAL TERMS & CONDITIONS (Specify “none” if there are no additional provisions)
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________



IN WITNESS WHEREOF, the Parties have caused this Assignment to be executed the day and year first above written.




ASSIGNOR:

___________________________________________________

___________________________________
(Name)
___________________________________
(Position, if applicable)





ASSIGNEE:

____________________________________________________

___________________________________
(Name)
___________________________________
(Position, if applicable)





OWNERS CONSENT

If Owners consent is not required, Assignor shall initial here [____].

The undersigned, Owner in the Master Lease, hereby consents to the foregoing Assignment.

OWNER:

____________________________________________________
___________________________________
(Name)

Date: _____________________________
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