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If lessee dies does estate have right to option to buy land from lessor?
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Lessee's right to recover the short working is related to?
The lessee's right to recover the short working is related to the amount of shortfall in the actual mineral production compared to the amount specified in the lease agreement. This right is typically outlined in the terms of the lease agreement and allows the lessee to recoup the value of the missing minerals or seek compensation from the lessor.
What is the difference between operating lease and financial lease?
A finance lease is a form of financing that transfers substantially all the risks and rewards incidental to ownership over a leased asset from the lessor to the lessee. By signing the contract and delivering the leased asset, the lessor transfers economic ownership over the leased asset, while legal ownership is transferred only upon the expiration of lease, on payment of the final instalment. In a finance lease, the lessee uses the leased asset for most of its lifecycle, as with loans.An operating lease is a lease whereby all the risks and rewards incidental to ownership over the leased asset remain with the lessor. In this case, the lessor retains the economic and legal ownership over the leased asset, while the lessee has only right of use. Upon the expiration of contract, the leased asset is returned to the lessor. Under an operating lease, the lessee uses the leased asset for less than its useful life.
When leasing a property do you still pay rent?
Yes. Leasing is defined as a written contractual agreement between an owner of property (lessor) and a second party (lessee). The lessee receives the right to use or occupy the leased property for a specified period of time in return for payment. If the lessee fails to fulfill the terms of the lease they are still responsible for full payment for the period covered by the lease. A rental is usually for a shorter period of time.
Equipment Leasing?
Equipment Lease(Download)This Equipment Lease ("Lease") is made effective as of ____________ (Date), by and between _________________ ("Lessor") and _____________________ ("Lessee"). IThe agreement of the parties is as follows:1. Equipment subject to Lease. Lessor shall lease the Equipment (“Equipment”) listed in Exhibit 1.2. Payment Terms. The Lessee shall make ___ payments of $________, for a total amount of $________. Payments shall be due on the first day of each month, with the first payment due on __________________. The lease payments shall be due without further notice to Lessee of any payment being due.3. Late Charge. A late charge of 5% of the payment shall be due if any Lease payment is not received within 10 days of the due date. In addition, interest will be charged at the rate of 1.5% per month, or 18% per year, on any unpaid balances.4. Insufficient Check Charge. Lessee shall be charged $25 for each check that is returned to the Lessor for lack of sufficient or collectible funds or for any other reason whatsoever.5. Security Deposit. Lessee shall pay a security deposit of two payments or $ _______, at the time this Lease is signed. This deposit will be returned to the Lessee at the termination of this Lease, subject to the option of the Lessor applying it against Lease charges and damages. Any amounts refundable to the Lessee shall be paid at the time this Lease is terminated. The security deposit shall bear interest at an annual rate of 6% from the date paid to the Lessor until the date refunded, based on the total amount of the security deposit.6. Lease Term. This Lease shall begin on the above effective date and shall terminate on ______________ (Date), unless otherwise terminated in a manner consistent with the terms of this Lease.7. Location or locations of the Equipment. The equipment shall be located at ____________________________________________________________________during the lease term, and shall not be removed from that location without the Lessor's prior written consent.8. Operation and Care of Equipment. The equipment must be used and operated in a careful and appropriate manner. Its use must comply with all laws, ordinances, and regulations relating to the possession, use, or maintenance of the equipment, including registration and/or licensing requirements, if any.9. Maintenance and Repair. Lessee shall maintain at the Lessee's cost, the equipment in good repair and operating condition, allowing for reasonable wear and tear. Such costs shall include labor, material, parts, and any similar items.10. Alternations. Lessee shall make no alterations to the equipment without the prior written consent of Lessor. All alterations shall be the property of Lessor and subject to the terms of this Lease.11. Right of Inspection. Lessor shall have the absolute right to inspect the Equipment during Lessee's normal business hours.12. Equipment Return at the end of the Lease. At the end of the Lease term, the Lessee shall be obligated to return the equipment to the Lessor at the Lessee's expense.13. Renewal Option of the Lessee. If Lessee is not in default upon the expiration of this lease, the Lessee shall have the option to renew this Lease for a similar term on such terms as the parties may mutually agree upon at the time of such renewal, the end of the Lease period covered in this Agreement.14. Purchase Option. If Lessee is not in default under this Lease, the Lessee shall have the option to purchase items of equipment at the end of the lease term for the price specified for such items of equipment in the attached Exhibit 1. Lessee shall exercise this option by providing written notice to the Lessor of such intent at least 30 days prior to the end of the lease term.15. Equipment Acceptance by Lessee. Lessee shall inspect each item of equipment delivered pursuant to this Lease. The Lessee shall immediately notify the Lessor of any discrepancies between such item of equipment and the description of the equipment in the Equipment Schedule. If the Lessee fails to provide such notice before accepting delivery of the equipment, the Lessee will be conclusively presumed to have accepted the equipment as specified in Exhibit 1.16. Ownership and Legal Status of Equipment. Equipment will be deemed to be personal property, regardless of the manner in which it may be attached to any other property. Lessor shall be deemed to have retained title to the equipment at all times, unless the Lessor transfers the title by sale. The Lessee shall immediately advise the Lessor regarding any notice of any claim, levy, lien, or legal process filed or issued against the equipment.17. No Warranty. Lessor makes no warranties, express or implied, as to the equipment leased. Lessee assumes the responsibility for the condition of the equipment.18. Risk of Loss or Damage and Insurance. Lessee assumes all risk of loss or damage to the equipment from any cause, and agrees to return it to the Lessor in the condition received from the Lessor, with the exception of normal wear and tear, unless otherwise provided in this Lease. Lessee shall provide evidence of insurance of the equipment and make Lessor a Named party on the insurance policy. Any lapse of insurance shall be considered a default under the terms of this Agreement.19. Indemnity of Lessor for Loss or Damages. Unless otherwise provided in this Lease, if the equipment is damaged or lost, Lessor shall have the option of requiring the Lessee to repair the equipment to a state of good working order, or replace equipment with like equipment in good repair, which equipment shall become the property of the Lessor and subject to this Lease.20. Liability and Indemnity. Liability for injury, disability, and death of workers and other persons caused by operating, handling, or transporting the equipment during the term of this Lease is the obligation of Lessee, and Lessee shall indemnify and hold Lessor harmless from and against all such liability. Lessee shall maintain liability insurance of at least $1 million as further discussed in Section 18 above, entitled “Risk of Loss or Damage and Insurance.21. Taxes and Fees. During the term of this Lease, the Lessee shall pay all applicable taxes, assessments, and license and registration fees on the equipment.22. Default. The occurrence of any of the following shall constitute a default under this Lease:A. Failure to make a required payment under this Lease when due.B. Violation of any other provision or requirement that is not corrected within 10 days after written notice of the violation is given.C. The insolvency or bankruptcy of Lessee.D. The subjection of any of Lessee's property to any levy, seizure, assignment, application or sale for or by any creditor or government agency.23. Rights upon Default. In addition to any other rights afforded the Lessor by law, if the Lessee is in default under this Lease, without notice to or demand on the Lessee, the Lessor may take possession of the equipment as provided by law, deduct the costs of recovery (including attorney fees and legal costs), repair, and related costs, and hold the Lessee responsible for any deficiency. The rights and remedies of the Lessor provided by law and this Agreement shall be cumulative in nature. Lessor shall be obligated to re-lease the equipment, or otherwise mitigate the damages from the default, only as required by law.Exhibit 1: Equipment ScheduleLease End Purchase Price: (Should be included; very important).Equipment LeaseReview ListThis review list is provided to inform you about the document in question and assist you in its preparation. This is a standard straightforward lease agreement. Be sure to file the appropriate local, county, and state liens (UCC forms) against the equipment within the locals where the Equipment is kept by Lessee, according to this Agreement. This not only perfects your interest in the property but also warns off other creditors of Lessee, so they do not attempt to attach the property. If they do, you will have a senior position.Be sure to establish an end of lease purchase price in Exhibit 1. Do likewise for a renewal period of the Equipment. GE Capital, for example, has found releasing Equipment very lucrative because the proper paperwork is in place and continuation is quite simple because, by the end of the first lease period, most equipment is worth more than its then supposed capital price. Therefore, you may be well advised from a business perspective to encourage releasing for a reduced price at the end of the lease. In this instance, inertia is on your side since Lessee “has” the Equipment and it is always easier to continue as is rather than getting new equipment, and so on.1. Make multiple copies so you have several sets for your various files, including your corporate records.2. Be sure to file liens, as appropriate, as described above against your equipment in the appropriate jurisdictions.
Who owns the lease of a property?
The ownership of a lease typically lies with the person or entity that holds the lease agreement, also known as the lessee. The lessee is granted the right to possess and use the property for a specific period of time as defined in the lease agreement. The owner of the property, known as the lessor, retains legal ownership but grants certain rights to the lessee for the duration of the lease.
Right of lessee can be described as?
encumber
Horse Lease?
Get StartedA Horse Lease is a legally binding contract entered into by two parties with the agreement that the Lessor(owner of the horse) will be leasing his/her horse to the Lessee(person leasing the horse) for a fee or with the understanding that Lessee will be responsible for all care and boarding for the animal. Leasing a horse can be beneficial for both parties. If the Lessor(owner) is unable to devote time to training and riding the horse or has limited space for boarding the horse, the Lessor might consider leasing the horse to ensure the horse is maintained properly. If the Lessee(person leasing the horse) is unable to afford to purchase his/her own horse, but would like to ride for pleasure or train a horse for showing, then leasing can be a more economical option. This Horse Lease will allow the parties to define payment terms, standard of care, limitation on use of the animal, responsibility for care and maintenance, life insurance for the animal, right of first refusal in the event of sale and a number of other important terms to consider when entering a lease agreement.
What's The lessee right to recover the short working is related to?
terms of agreement
What is a right to cure notice?
The UCC (Uniform Commercail Code) gives the sellor or lessor who delivers the nonconforming goods an opportuinty to cure the nonconformoity. The term Cure generally means an opportunity to repair or replace defective or nonconforming goods. A cure may be attempted if 1. The time for performace has not expired and 2. The sellor/lessor notifies the buyer or lessee of his intention to male a conforming delivery within the contract time. Nonconforming goods: Goods that do not meet the exact specification of what the buyer expected.
What is difference between free hold premises lease hold premises?
Lease hold premises is one taken on rental basis form other person based upon an agreement and for a period of time - say 5 years. It is not he asset of user (Lessee). Only a right to use the asset passes to the lessee and ownership stays with the original owner (Lessor). Free hold premises is free of any leasing agreement or contract. The owner and user is the same person, and the right to use and ownership lies with one person only i.e. the owner. Presentation of both the above in financial statements is different. Only owner can claim depreciation on the leased premises (being the owner) and lessee can claim the lease rent paid by him for income tax purpose.
Why would you receive a lease termination letter?
When you enter into a Contract of Lease, you a signing a legal document between the lessor and lessee. Both parties have the right to terminate the lease at any time if the terms and conditions of the Contract of Lease have been broken. A Lease Termination letter is usually written when one party has violated the terms of this contract and the other party has decided to end it.
What is a non-freehold estate?
In English Common Law less-than-freehold estates were the rights of tenants who leased real property. Those estates were considered personal property. A less than freehold estate has a predetermined limit of time. The most common in the modern era is a leasehold estate. A non-freehold estate involves possession but not ownership of property.
