Commercial Equipment Lease · Agreement № EL-2024-0187

The Lease of one
Espresso Machine.

A binding agreement concerning the use, maintenance, and eventual purchase of professional café equipment between the parties named below.
EffectiveMarch 15, 2024
Term36 Months
ExpiresMarch 14, 2027
JurisdictionState of Oregon
The Lessor
Portland Espresso Equipment Co.
2144 SE Division Street
Portland, OR 97202
EIN 82-4491073 · (503) 555-0144
[email protected]
The Lessee
Goldfinch Coffee & Bakehouse, LLC
418 NW 23rd Avenue
Portland, OR 97210
EIN 93-1807462 · Contact: Maren Ishikawa
[email protected]
The Subject of this Lease

La Marzocco
Linea PB — 2 Group

Dual-boiler commercial espresso machine in stainless steel finish with PID-controlled saturated brew groups, pre-infusion chambers, and 11L steam boiler. Shipped new from Seattle distribution on March 8, 2024.
Serial Number
LM-PB2-44219-A
MSRP · New
$18,400.00
Voltage
220V / 20A
Delivery Date
March 12, 2024

Financial Terms

Monthly Rent
$450
due on the 1st
Term Length
36
consecutive months
Security Deposit
$900
refundable
Total Lease Value
$16,200
excl. buyout

Principal Covenants

01
Grant of Lease & Delivery
Lessor hereby leases to Lessee the Equipment described above for the Term. Delivery, installation, water-line connection, and initial calibration shall be performed by Lessor's certified technician at the Lessee's premises at no additional charge. Risk of loss transfers to Lessee upon installation signoff.
02
Rent & Payment Schedule
Lessee shall pay $450.00 on or before the 1st day of each calendar month via ACH transfer to the account designated by Lessor. Payments received after the 5th accrue a late fee of $45.00. The first payment is due upon execution; the final payment is due February 1, 2027.
03
Use & Operating Environment
The Equipment shall be used solely for its intended commercial purpose at Lessee's premises. Lessee shall supply filtered water (≤ 75 ppm TDS), stable 220V electrical service, and operate the machine only with barista staff trained in its use. Relocation of the Equipment requires written consent from Lessor.
04
Insurance & Liability
Lessee shall maintain commercial property insurance naming Lessor as loss payee, covering the Equipment to a minimum of $20,000 replacement value, plus $1,000,000 general liability coverage. Certificate of insurance shall be furnished within 14 days of the Effective Date and kept current throughout the Term.
05
Default & Remedies
Failure to cure any missed payment within 15 days of written notice constitutes default. Upon default, Lessor may accelerate remaining rent, recover possession of the Equipment, and retain the security deposit. Lessee shall permit Lessor reasonable access for inspection or repossession without judicial process where permitted by Oregon law.
Article 06 · Included Service

Quarterly Preventive Maintenance

End-of-Term Buyout
$2,400
exercisable March 2027
Article 07 · Purchase Option

The Right to Own

Upon completion of all 36 monthly payments in good standing, Lessee may elect to purchase the Equipment outright for a fixed buyout price of $2,400.00, payable within 30 days of Term expiration. Title transfers free and clear upon payment. If the option is declined, Lessee shall coordinate return of the Equipment within 14 days at no cost.

Executed by Lessor
Daniel Rohrbaugh
Managing Partner · Portland Espresso Equipment Co.
Date
Executed by Lessee
Maren Ishikawa
Owner & Operator · Goldfinch Coffee & Bakehouse, LLC
Date