Download a free equipment rental agreement template, and view sample lease and leasetoown agreements for construction equipment. Option to Purchase and Renew: Determine whether the lessee has the option to purchase the equipment at the end of the lease and the agreed-upon purchase price.An equipment lease agreement is a legal contract where the owner allows another party (lessee) to use equipment in exchange for payment. Form of Equipment Lease Agreement from MAGNEGAS APPLIED TECHNOLOGY SOLUTIONS, INC. Filed with the Securities and Exchange Commission. You can use this document to outline the terms and conditions of an equipment rental. Take a stepbystep look at what is involved when renting equipment, based on five frequently asked questions about equipment rental. An equipment lease agreement is a legal contract where the owner allows another party (lessee) to use equipment in exchange for payment. Specify the term and rent due, as well as whether the landlord or tenant is responsible for property taxes, insurance, and maintenance and repairs. A lease purchase is a formal contract between a renter and a seller that combines the elements of a right of first refusal and a rental contract into one.