Rolling Stock Lease
____________________,
referred to as the RAILROAD, and _____________________, referred to as the
LEASING COMPANY, agree:
LEASING COMPANY
herewith leases to the RAILROAD the following described railroad rolling stock:
_______________________________________________________________________ for a
period beginning on ______________________ and ending on _____________________
unless earlier terminated under the terms of this agreement.
RAILROAD shall have the
right to inspect the rolling stock before delivery. After such inspection,
RAILROAD shall have the right to reject any rolling stock which is not in good
running order. After inspection,
RAILROAD shall be deemed to have accepted the rolling stock “as is.”
RAILROAD shall have the
right to paint the rolling stock in its color scheme. Upon termination of the
lease, RAILROAD shall return the rolling stock painted in a neutral primer
color.
RAILROAD shall perform
all reasonable and customary maintenance on the rolling stock during its
possession, and shall maintain records of such work, which shall be available
for inspection by the LESSOR at any times.
RAILROAD shall pay as rental,
in advance the sum of $______________________
(__________________________________________________ & _____/100 dollars)
monthly. During the term of the lease, RAILROAD shall obtain and maintain
insurance upon the rolling stock, with the LESSOR named as an insured, for all
customary perils and in amounts reflecting the fair market value of the rolling
stock.
RAILROAD shall return
the rolling stock in the same condition as received, ordinary wear and tear
excepted.
Unless otherwise
specifically agreed in writing by the LESSOR the rolling stock rented hereunder
shall only be used by the RAILROAD within the United States.
LESSOR may terminate
this lease in the event of a default in the payment of rentals, or any other
terms or conditions of this lease.
Upon termination,
RAILROAD, at its expense shall return the rented rolling stock to
______________________________________________.
Dated:
__________________
____________________________________
____________________
Lessor
___________________________________
_____________________
Owner/Railroad
Rolling Stock Lease
Review List
This review list is provided to inform you about this
document in question and assist you in its preparation. This agreement can be adapted to various
purposes such as trailer rentals and other such items.
1. Make multiple copies. Give one original to each signing party.
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