Combine Legal North Dakota Equipment Lease Forms For Free

An equipment use agreement, sometimes called an equipment lease agreement, is a legal contract that allows a lessee to lease a piece of equipment from the owner or lessor. The lessee will be required to make periodic payments for the use of the equipment throughout the duration of the agreement.

An equipment lease agreement is a contractual agreement where the lessor, who is the owner of the equipment, allows the lessee to use the equipment for a specified period in exchange for periodic payments. The subject of the lease may be vehicles, factory machines, or any other equipment.

A South Dakota month-to-month rental agreement is a lease with no end date, which only cancels upon termination notice from the landlord or tenant. Under South Dakota law, the landlord must provide at least thirty (30) days' notice to terminate while the tenant only has to provide fifteen (15) days.

The lessee records the leased right as an item of property, plant, and equipment, which is then depreciated over its useful life to the lessee. The lessee must also record a liability reflecting the obligation to make continuing payments under the lease agreement, similar to the accounting for a note payable.

A Minnesota month-to-month rental agreement is for tenancy-at-will arrangements where the landlord and tenant can terminate at any time with one (1) month's notice. The agreement will continue for an unspecified amount of time and will only be canceled upon termination by the landlord or tenant sending notice.

A landlord is able to legally end a lease if the tenant violates the terms of the lease or has broken the law. The violation by the tenant needs to be significant like late rent or having a pet despite the rule stating 'no pets allowed on the premises.