Commencement of Lease; Lease Term. The “Commencement Date” for this lease shall mean the date the Lessee receives the equipment, or the verification call, if applicable, whichever occurs last. The signed certificate of acknowledgement shall be deemed evidence of receipt of the equipment for all purposes of this lease. The Lease Term will commence on the Commencement Date and shall expire at the end of the number of months indicated above. End of Lease Term: At the end of the Lease Term I have the following options: 1) I can promptly return the Equipment in good condition, except for ordinary wear and tear, to you or to the person and place you indicate, or 2) I can purchase the Equipment for the fair market value at that time as quoted by you plus any applicable taxes, or 3) I can extend upon all of the terms and conditions as stated herein for a period of one year from its expiration date without the necessity of the execution of any further instrument or document. I will notify you in writing as to which option I choose at least 60 days but not more than 120 days before the expiration of the Lease. At the end of this additional year I again have available to me the above option 1, 2 and 3. Unless I notify you in writing of which option I chose 60 days prior to the expiration of the Lease Term, I shall be deemed to have chosen option 3 (one year renewal).
Appears in 4 contracts
Samples: Non Cancelable Equipment Lease Agreement, Non Cancelable Equipment Lease Agreement, Non Cancelable Equipment Lease Agreement
