Common use of FMV Lease Clause in Contracts

FMV Lease. 1.1 A Purchasing Entity shall have the option to enter into an Initial Lease Term of 36, 48, or 60 months for Group A, Group B, Group C, Group D, Sub-Group D1, Group E, and Group F, based upon the Contractor’s available options, and at the discretion of the Participating State or Entity. In addition, a Participating State or Entity may elect to include 72 and 84 month terms for Group C and Sub-Groups C1 and C2 only, if provided by the Contractor. 1.2 Upon the expiration of the Initial Lease Term, a Purchasing Entity may do one of the following: a. Exercise their purchase option; b. Renew the lease on a month to month basis, or a 12 month basis, at the discretion of the Participating State or Entity; or c. Return the Device to the Contractor, or have the Contractor pick the Device up.

FMV Lease. 1.1 A Purchasing Entity shall have the option to enter into an Initial Lease Term of 18, 24, 36, 48, or 60 months for Group A, Group B, B and Group C, Group D, Sub-Group D1, Group E, and Group F, based upon the Contractor’s available options, and at the discretion of the Participating State or Entity. In addition, a Participating State or Entity may elect to include 72 and 84 a 72-month terms lease term for Group C and Sub-Groups C1 and C2 only, if provided by the Contractor. 1.2 Upon the expiration of the Initial Lease Term, a Purchasing Entity may do one of the following: a. Exercise their purchase option; b. Renew the lease on a month to month basis, or a 12 month basis, at the discretion of the Participating State or Entity; or c. Return the Device to the Contractor, or have the Contractor pick the Device up.