Download a free equipment rental agreement template, and view sample lease and leasetoown agreements for construction equipment. An equipment lease agreement is a legal contract where the owner allows another party (lessee) to use equipment in exchange for payment.Upon exercise of the Purchase Option with respect to any Equipment and payment of the Option Payoff Price, the lease Term of such Equipment shall cease. A Texas rent-to-own lease agreement is a standard rental contract with an added option to purchase clause for the tenant. You can use this document to outline the terms and conditions of an equipment rental. Download your Equipment Lease Agreement With Option to Purchase Template in Word Doc format. An equipment rental agreement refers to a legally binding contract that governs the rental of equipment between a lessor and lessee with terms and conditions. This is a binding contract. Read carefully before signing. Rent heavy equipment now.