Straight Lease i) A Purchasing Entity may have the option to enter into an Initial Lease Term of 24, 36, 48, or 60 months, based upon the Awarded Vendor’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 only, if provided by the Awarded Vendor(s).
Straight Lease. A type of agreement in which ownership is not an option and the Total Monthly Payment amount remains firm throughout the Initial Term.
Straight Lease. A type of agreement in which ownership is not an option and the total monthly payment amount remains firm through the initial term. Contractor shall hold title to all rental or straight leased equipment for the term of the Order. The Purchasing Entity shall have no equity in the straight leased or rented equipment. Contractor shall be responsible for the payment of any and all local property taxes and insurance of the straight leased or rented equipment.
Straight Lease. A Purchasing Entity may have the option to enter into an Initial Lease Term of 24, 36, 48, or 60 months, based upon the Awarded Vendor’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 only, if provided by the Awarded Vendor(s). Upon the expiration of the Initial Lease Term, a Purchasing Entity may do one of the following: Renew the lease on a month to month basis, or a 12 month basis, at the discretion of the Participating State or Entity; or Return the Equipment to the Awarded Vendor, or have the Awarded Vendor pick the Equipment up.
