Kentucky Lease Purchase Agreement
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Description
This lease purchase agreement of industrial equipment is between a local city/municipal development authority and a private company. The city is acting under community development block grant to assist in the development of a particular industry. The lessor receives the proceeds of the grant from the city and uses them for the purchase of industrial equipment. The Lessee uses the equipment during the term of the agreement and the parties agree that the lease, use and ultimate sale of the equipment for the repayment of the grant funds.
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