Common use of FMV Lease Clause in Contracts

FMV Lease. i) A Purchasing Entity shall have the option to enter into an Initial Lease Term of 24, 36, 48, or 60 months for Group A, Group B and Group C, based upon the Awarded Vendor’s available options, and at the discretion of the Participating State or Entity. In addition, a Participating State or Entity may elect to include 72 and 84 month terms for Group C only, if provided by the Awarded Vendor(s). ii) Upon the expiration of the Initial Lease Term, a Purchasing Entity may do one of the following: 1) Exercise their purchase option; 2) Renew the lease on a month to month basis, or a 12 month basis, at the discretion of the Participating State or Entity; or 3) Return the Equipment to the Awarded Vendor, or have the Awarded Vendor pick the Equipment up.