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What Are The Key Elements Of A Lease Rental Agreement?
There has to be some specific element in every legal agreement to make it legal. So, give me the important elements of a Lease Rental Agreement which are a requirement of law.
Some things are essential to mention in the Lease Rental Agreement. These are the names of the parties to the agreement. It must also contain the time period of the lease term, as well as the starting date of the term. The Lease Rental Agreement must also contain the proper identification of the item to be leased such as the VIN, street address, make or model and serial number etc. The conditions for the renewal as well as non-renewal of the Lease Rental Agreement must also be listed. The total or the periodic payments must also be mentioned. The security deposit, as well as the conditions of its return, must also be mentioned. Any other condition that may be involved in the contract must be written in the Lease Rental Agreement.