I have been in a 5 year copy machine lease with the financial instituion as the third party lease holder. The lease is due to expire March 28, 2006. The rep from the Copy Machine company came by in January with a proposal for a new machine and to tell me I needed to send a letter of intent to the bank or the lease would automatically renew. Upon calling the bank I was told the letter of intent needed to be in 120 days prior to the lease expiring...meaning November of 2005. I have since been told that this is an "evergreen clause" and is illegal in Texas. The back of my lease agreement does state the 120 days and also says that even though I am in Texas the agreement is governed by the laws of Iowa (where the bank is located).
Do I have any recourse at all?
Do I have any recourse at all?