An equipment lease agreement is a legal contract where the owner allows another party (lessee) to use equipment in exchange for payment. Download a free equipment rental agreement template, and view sample lease and leasetoown agreements for construction equipment.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. The downloadable form is designed to institute a concrete arrangement, establishing the terms and conditions to be followed for the duration of the contract.