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Puerto Rico Vehicle Lease Agreement Form

Puerto Rico Vehicle Lease Agreement Form
PO Box 40851 San Juan PR 00940-0851
Tel- 787-982-0044/787-982-0064 Fax- 787-982-0084
This Lease Agreement, hereinafter called “The Agreement”, made and entered into this ______day
of_________________, 20____, by Lease Option Co. Inc. a Puerto Rico Corporation having an office and place of
business at 355 Baleares, Puerto Nuevo, San Juan PR 00920, which its successors and assigns is hereinafter called the
having its principal office and place of business at
Please Initial _________ Lessee represents that the Vehicle leased hereby is used for business, commercial or agricultural
purposes, is not used primarily for personal, family, or household purposes and this agreement is not a “consumer lease”
within the meaning of the Consumer Leasing Act of 1976.
In consideration of the mutual covenants hereinafter contained, the parties hereto agree for themselves, their heirs,
executors, successors, administrators, representatives and assigns, as follows:
1. Lease of vehicle: Lessor hereby leases the Vehicle to Lessee. The lease term for the Vehicle stars on the
date on which the Vehicle is received by Lessee and ends at the option of either party at any time after the Minimum
Lease Term.
2. Rental Term: (a) Commencement. If the Vehicle is received by Lessee on or before the fifteenth day of
any month, the rental term shall star on the first day of such month. If the Vehicle is received by Lessee on or after the
sixteenth day of any month the rental term shall start on the first day of the subsequent month.
(b) Termination. If surrender of the Vehicle occurs on or before the fifteenth day of any month, the rental term
shall end on the last day of the preceding month. If such surrender occurs on or after the sixteenth day of any month, the
rental term shall end on the first day of such month.
3. Rent: (a) Lessee agrees to pay the rental monthly in advance on the first day of each month of the rental
term. Lessor shall send to Lessee a monthly statement of amounts due and Lessee shall immediately pay such amounts to
Lessor. Rental is subject to the imposition of a “late charge” in the amount of 5.00% of any rental not paid within the first
ten (10) days following the date of the monthly statement, or the unpaid portion thereof, or such maximum late charge, if
any, as may be established by applicable law, whichever is less. If the manufacturer’s price of the Vehicle is increased or
decrease prior to the delivery of the Vehicle, the Monthly Rental shall be increased or decreased by a sum equal to the
amount of said increase or decrease divided by the number of months of the Minimum Lease Term.
(b) Lessor acknowledges receipt of the Security Deposit noted above, and shall hold the same as security for the
full and faithful performance and observance by Lessee of all the terms, covenants and conditions herein contained. The
Security Deposit shall be returned to Lessee at the end of the lease term, provided that Lessee has fully performed this
Agreement. Lessee agrees that Lessor shall be subject to no restrictions or limitation with respect to the Security Deposit
except as may be provided herein. It is expressly stipulated and agreed that the Security Deposit is not an advance
payment of or on account of the rent, or a measure of Lessor’s damages.
4. Vehicle Delivery: Lessee understands that when the Vehicle is accepted, it is deemed to be in good
order, as requested and suitable for its purposes. Lessor will make all of its rights, if any, under the manufacturer’s
warranty on the Vehicle available to Lessee.
5. Vehicle Operation: Lessee shall maintain and operate the Vehicle in strict conformity with all applicable
provisions of law and shall not permit the Vehicle to be used to transport goods or passengers for hire. Lessee shall
comply and shall cause all persons operating the Vehicle to comply with all provisions of law applicable to the Vehicle’s
registration, leasing, insurance, use and operation, and with all condition of the Vehicle’s insurance, and shall prepare and
furnish to Lessor all documents required there under. Lessee agrees that whenever any provision of law requires
installation of any accessories or equipment. Lessee will comply with all such requirements and will accept and pay for
such equipment when the vehicle is acquired for Lessee. Lessee shall be solely responsible for fines and penalties for
violations of any provision of law, including but not limited to parking ordinances, arising out of the Vehicle’s use and/or
operation. If the Vehicle is used for purposes not permitted by the Agreement (i) Lessee will reimburse Lessor for all
damages sustained by Lessor as a result of such misuse, including, without limitation, Lessor’s liability for or payment of
any fines which may be imposed on Lessor or paid on behalf of Lessee by Lessor and (ii) Lessor may at its option
terminate this Agreement. Lessee shall not mortgage or otherwise encumber Lessee’s interest in the Vehicle or this
Lease, or place the Vehicle in the possession of any person other than Lessee, its agents and employees, and members of
the immediate family of such persons, each of whom must possess a valid driver’s license. The possession of the Vehicle
by an unauthorized person shall be at the sole risk and responsibility of Lessee, and Lessee shall, at Lessor’s option, be
considered in breach of this Agreement.
6. Cost, Expenses, Fees, Taxes and Charges: Lessee at its sole expense shall cause the Vehicle and all
accessories and equipment to be maintained in good mechanical condition, appearance and running order. The vehicle
shall be title and/or registered in Lessor’s name. Lessee shall pay and be solely responsible for all costs, expenses, fees,
taxes and charges incurred in connection with the Vehicle’s use, maintenance and operation, including but not limited to
gasoline, oil, grease, repairs, tires, tubes, storage, parking, tools, adjustments, other servicing costs, on or relating to the
Vehicle and its operation. Upon demand, Lessee shall reimburse Lessor for any expenses referred to above which Lessor
may incur or pay in connection with the Vehicle. THE VEHICLE IS LEASED BY LESSOR TO LESSEE AS IS,
Puerto Rico Vehicle Lease Agreement Form