The Lease And Purchase Agreement serves as a vital instrument in Canadian business and commercial transactions where parties wish to structure a transaction that begins as a lease and transitions into a purchase. This document type is particularly useful when the lessee/purchaser requires immediate use of the asset but prefers or needs to defer the full purchase commitment. It typically includes detailed provisions for lease payments, maintenance responsibilities, purchase option terms, and the mechanism for transitioning from lease to ownership. The agreement must comply with both federal and provincial Canadian legislation, including the Commercial Tenancies Act, Sale of Goods Act, and relevant consumer protection laws. It's commonly used for equipment financing, commercial property transactions, and various asset acquisitions where staged ownership transfer is advantageous for tax, financial, or operational reasons.
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1. Parties: Identification and details of the lessor/seller and lessee/purchaser
2. Background: Context of the agreement and general intent of the parties
3. Definitions: Key terms used throughout the agreement
4. Lease Terms: Duration, renewal options, and basic lease conditions
5. Lease Payments: Amount, frequency, and method of lease payments
6. Purchase Option: Terms and conditions for exercising the purchase option
7. Purchase Price: Total purchase price and how lease payments are credited
8. Title and Ownership: Current ownership, transfer conditions, and timing
9. Possession and Use: Rights and restrictions regarding the use of the property/goods
10. Representations and Warranties: Statements of fact and promises by both parties
11. Default and Remedies: Events of default and available remedies
12. Assignment and Transfer: Rights and restrictions on transferring the agreement
13. Notices: How formal communications between parties should be made
14. Governing Law: Applicable law and jurisdiction
15. Termination: Conditions and process for ending the agreement
1. Insurance Requirements: Detailed insurance obligations - include when high-value items are involved
2. Maintenance and Repairs: Responsibilities for upkeep - include for equipment or property leases
3. Security Deposit: Terms of any security deposit - include when required by lessor
4. Property Taxes: Tax payment responsibilities - include for real estate transactions
5. Environmental Matters: Environmental compliance - include for industrial or commercial property
6. Subletting Rights: Rights to sublet - include for longer-term or commercial leases
7. Force Majeure: Provisions for unforeseen events - include for longer-term agreements
8. Early Purchase Option: Terms for early purchase - include when early buyout is allowed
1. Schedule A - Property Description: Detailed description of the leased/purchased property or goods
2. Schedule B - Payment Schedule: Detailed breakdown of lease payments and purchase price calculations
3. Schedule C - Condition Report: Initial condition of property/goods at time of lease commencement
4. Schedule D - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Schedule E - Maintenance Schedule: Required maintenance procedures and schedules
6. Schedule F - Purchase Option Notice: Form of notice for exercising purchase option
7. Appendix 1 - Required Documentations: List of required documents for lease and purchase completion
8. Appendix 2 - Acceptance Certificate: Form for confirming receipt and acceptance of property/goods
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