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Lease Contract

In: Business and Management

Submitted By tageram
Words 485
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LEASE CONTRACT

Non-Linear Pro and Quick-Time Video hereby enter into a Lease Agreement under the following terms:
Non-Linear Pro shall convey to Quick-Time Video full possession and use of the following property:
Non-Linear Pro Editing System.
The term of this Lease shall be for One Month from 00/00/0000 until 00/00/000 at midnight on each date.
Both parties further agree to the following provisions:

SECTION 1
DEPOSIT
Quick-Time Video is obliged to pay Non-Linear Pro a security deposit of $X, due upon the signing of this Lease Agreement. Upon expiration or termination of this Lease Agreement, deposit will be refundable in whole, assuming Quick-Time Video shall return the property to Non-Linear Pro in substantially the same condition in which the property was received by Quick-Time Video, taking into account normal wear and tear, when this Lease expires.

SECTION 2
INSURANCE
Quick-Time Video shall be responsible for maintaining the property in clean working condition at the Quick-Time Video’s expense during the term of this Lease.

SECTION 3
REPAIRS
Any repairs necessary to make the property functional by Quick-Time Video shall be the Non-Linear Pro’s responsibility. Repairs resulting from Quick-Time Video’s use of the Property shall be the responsibility of the Quick-Time Video.

SECTION 4
OPTION TO RENT
Upon expiration of this Lease, Quick-Time Video shall have the option to rent the property for the price of $X per month. Quick-Time Video shall pay Non-Linear Pro the sum of $X on or before the Xth day of each month. Payment method must be in the form of checks. If Quick-Time Video fails to make a payment on or before its due date, a late fee of $X shall be due and payable immediately to Non-Linear Pro. If Quick-Time Video fails to pay all amounts due within X days of their due dates, Non-Linear Pro may terminate Non-Linear Pro’s obligations

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