I am afraid that you qouted the conditon:
"it seems to say that within 5 days of the expiration of the lease
term, the lesee should return the equipment, or continue paying rent,
or pay the then fair market value."
"... or continue paying rent, ..."
I expect that your only choice is to return the equipment with
receipted cancellation of the contract.
But if you still need the equipment, the fair market value of a PC
after almost five years could be a better choice than leasing or
buying new equipment. Old PCs aren't worth much.
I have a friend who built his leasing company on the basis of short
term leases with similar termination clauses on the well-founded
speculation that the leases would be allowed to continue (well-founded
because he had previously worked for the supplier of the equipment
that leased on that basis).
The contract conditions made the lessee responsible for cancelling, as
in your case.
Sorry to confirm Premaker's comment, Myoarin
PS: Of course, this is no legal advice, as you should read in the Disclaimer below. |