Free Car Lease Agreement

I. DEFINITIONS

1. Lessor: The party leasing the vehicle to the Lessee.

2. Lessee: The party leasing the vehicle from the Lessor.

3. Vehicle: The automobile described in Section II of this Agreement.

4. Lease Term: The length of time the Lessee is authorized to use the Vehicle under the terms of this Agreement.

5. Monthly Payment: The amount to be paid by the Lessee to the Lessor each month during the Lease Term.

II. VEHICLE DESCRIPTION

The vehicle being leased under this Agreement is described as follows:

• Make: Toyota

• Model: Camry

• Year: 2055

• VIN (Vehicle Identification Number): 5YJ3E1A12FV055322

• Odometer Reading at Lease Commencement: 2,500 miles

III. LEASE TERM AND PAYMENT

1. Lease Term: The lease shall begin on January 1, 2056 and continue until December 31, 2058, unless earlier terminated in accordance with the provisions of this Agreement.

2. Monthly Payment: The Lessee agrees to pay the Lessor a monthly payment of $450.00 on or before the 1st day of each month.

3. Security Deposit: The Lessee shall provide a security deposit of $1,000.00 upon signing this Agreement, to be refunded at the end of the Lease Term, subject to the terms of Section V.

IV. LESSEE'S OBLIGATIONS

1. Maintenance and Repairs: The Lessee agrees to keep the Vehicle in good working condition and maintain it regularly. The Lessee shall be responsible for all costs associated with repairs and maintenance during the Lease Term.

2. Insurance: The Lessee shall maintain full coverage insurance on the Vehicle, naming the Lessor as an additional insured party. Proof of insurance must be provided to the Lessor prior to taking possession of the Vehicle.

3. Use of Vehicle: The Lessee agrees to use the Vehicle only for lawful purposes and in accordance with the manufacturer’s recommendations.

4. Mileage Limit: The Lessee agrees to limit the Vehicle’s mileage to 15,000 miles per year. Excess mileage will be subject to an additional charge of $0.20 per mile.

5. Return Condition: The Vehicle must be returned to the Lessor in good condition, subject to normal wear and tear.

V. LESSOR'S OBLIGATIONS

1. Ownership: The Lessor retains ownership of the Vehicle at all times during the Lease Term.

2. Condition of Vehicle: The Lessor guarantees that the Vehicle is in good working condition and free of any material defects at the time the Lessee takes possession.

VI. TERMINATION

1. Early Termination: Either party may terminate this Agreement early by providing 30 days’ written notice. The Lessee may be subject to an early termination fee as described in Section VII.

2. Return of Vehicle: Upon termination of this Agreement, the Lessee shall return the Vehicle to the Lessor at [YOUR COMPANY ADDRESS] in the same condition as received, subject to normal wear and tear.

VII. FEES AND CHARGES

1. Late Payment Fee: Any payment not received within 5 days of the due date will be subject to a late fee of $25.00.

2. Excess Mileage Fee: Any mileage over the agreed-upon limit will be charged at the rate of $0.20 per mile.

3. Early Termination Fee: If the Lessee terminates the Lease early, an early termination fee of $500.00 will apply.

4. Damage or Excessive Wear Fee: The Lessee will be responsible for any damage to the Vehicle beyond normal wear and tear, and a fee will be assessed accordingly.

VIII. WARRANTY AND DISCLAIMER

The Lessor makes no warranty or representation regarding the Vehicle’s fitness for any particular purpose, other than the standard manufacturer’s warranty in effect at the time of lease commencement. The Vehicle is leased on an “as-is” basis, except as provided in this Agreement.

IX. INDEMNIFICATION AND LIABILITY

1. Indemnification: The Lessee agrees to indemnify and hold the Lessor harmless from any and all claims, damages, or liabilities arising from the Lessee’s use of the Vehicle.

2. Liability: The Lessor shall not be liable for any personal injury or property damage caused by the Vehicle during the Lease Term.

X. GOVERNING LAW AND DISPUTE RESOLUTION

1. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the state of Utah.

2. Dispute Resolution: Any disputes arising under this Agreement shall be resolved through binding arbitration in Salt Lake City, Utah, under the rules of the American Arbitration Association.

XI. SIGNATURES

By signing below, the Parties acknowledge that they have read and understood the terms of this Agreement and agree to be bound by them.

LESSOR:

LESSEE:

This Agreement is effective as of the date first written above.