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What should the lessor do when lessee sublets against the lease he signed?
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What is the Difference between lessor and lessee?
a lessor is the owner, the one who borrows someone something and the lessee is the user, the borrower. I do understand that you may be trying to assist ?students, in your responses - but no-one...can 'borrow' someone, something!! Students trying to find answers, should not really use these forums sometimes, unless they already know what they know, but just want confirmation,
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.
When a lessee sells leased equipment to a third party the lessor cannot under any circumstances recover the equipment from the buyer?
Wrong. If the lessee sells equipment to someone else that does not belong to him then it becomes stolen equipment. Then the buyer is in possession of stolen equipment. If the buyer knows or should know that the equipment is stolen, he is committing a felony. It is punishable by time in prison. The material is returned to the original owner.
Can a cosigner get out of a rental agreement?
Not unless the lessor agrees to release the co-signer from the obligation and that agreement should be in writing.Not unless the lessor agrees to release the co-signer from the obligation and that agreement should be in writing.Not unless the lessor agrees to release the co-signer from the obligation and that agreement should be in writing.Not unless the lessor agrees to release the co-signer from the obligation and that agreement should be in writing.
Can a tenant sign a lease takeover with the new tenant if they have a guarantor on the original lease and the guarantor hasn't signed the lease takeover?
No. The tenant cannot make changes to the lease agreement without the signature of their co-signer. The "lease takeover" you suggest would not be binding on the lessor and the lessee & co-signer would remain fully responsible under the original lease agreement. You should not even consider making any changes that would affect the co-signer of the lease without notifying the co-signer.No. The tenant cannot make changes to the lease agreement without the signature of their co-signer. The "lease takeover" you suggest would not be binding on the lessor and the lessee & co-signer would remain fully responsible under the original lease agreement. You should not even consider making any changes that would affect the co-signer of the lease without notifying the co-signer.No. The tenant cannot make changes to the lease agreement without the signature of their co-signer. The "lease takeover" you suggest would not be binding on the lessor and the lessee & co-signer would remain fully responsible under the original lease agreement. You should not even consider making any changes that would affect the co-signer of the lease without notifying the co-signer.No. The tenant cannot make changes to the lease agreement without the signature of their co-signer. The "lease takeover" you suggest would not be binding on the lessor and the lessee & co-signer would remain fully responsible under the original lease agreement. You should not even consider making any changes that would affect the co-signer of the lease without notifying the co-signer.
Should the lessor amortize the nonrefundable security deposite?
There is no such thing as a nonrefundable security deposit.
If a tenant breaks a commercial lease how long does the landlord have to sue them?
This is a really general question.... It first assumes that: There is in fact a breach of the lease, the proximate cause of the breach is the Lessee's fault, and that damage occurred to the Lessor as a result of it. The answer may well be affected by local laws, precedent, and the terms of the Lease itself. For such things as nonpayment of rent, for example, a Lease may give the Lessee thirty days to repay before the Lease is in material breach, and specify that Lessee is still responsible for payment for all charges accrued until Lessor gives notice of breach. But the generic answer is, "within a reasonable amount of time," and "reasonable" would be defined by the Court of jurisdiction. Five years after Lessee has walked out the door - probably too long. A year... questionable but supportable. Six months? You're probably OK. Also, are you talking a small claims action, where you'd represent yourself? Or are you talking about hiring a lawyer? Either way, though, this is a question that really should be answered by a competent lawyer in your jurisdiction. You should be able to find an attorney who'd give you an opinion at little (or more likely zero) charge.
What are off lease laptops?
A general and brief definition of a common lease.Items (automobiles, equipment tools, houses, land, etc) that is leased means the owner (leasor) keeps title (ownership) to the Item(s) and grants the lessee the right to reasonablyuse it for its stated or obvious intended use (usually defined in the lease agreement) for a definite period of time as set forth in a lease-agreement. If the item(s), while being so reasonably used, becomes defective or broken for some reason not by the negligence or fault of lessee, the lessor usually replaces the equipment with similar equipment for the remaining lease period. At the end of the lease period, the lessee returns the equipment; or, it can often be purchased by the lessee for a agreed sum.If one has questions concerning the lease-agreement, an attorney should be consulted, as there can be other factors not included in the above definition that may be important and change the way the a particular lease is intended.
Leasing Commercial Property?
Leasing commercial property is one of the most difficult and important steps in business operations. Whether for a going concern or a start-up business, entering into a lease without careful advance planning will likely result in an unsatisfactory lease relationship, and can even lead to serious conflict between lessee and lessor. Commercial property leasing is an ongoing business challenge, with most businesses leasing commercial property every several years. In many cases, though, leases are poorly prepared or poorly reviewed and fail to meet their intended purpose. The lease might be viewed as a partnership between lessee and lessor in that it defines the terms of a business relationship and sets out ongoing expectations. It does so, however, with the power of contract, and this is why lease development and negotiation are acutely important. The focus of lease negotiations is often reduced to solely issues of rent and improvements. However, there are many issues besides these that are equally critical. Would-be lessees are often not represented in negotiations by an attorney or even a real estate broker, and this is often a mistake. The unrepresented lessee is liable to simply accept any document presented by a lessor without review or modification. In this case, very often lessees find only later that the lease does not meet their needs. Of course, a lessee should know its needs even before a property is selected, and insure that the property chosen meets those needs. If so, then negotiations can proceed smoothly to conclusion.
What is ijarah?
Ijarah is an Islamic financial concept that refers to a leasing agreement where a financial institution leases an asset to a client for a specified period in exchange for periodic rental payments. At the end of the lease term, the ownership of the asset may or may not be transferred to the client, depending on the terms of the agreement. Ijarah is structured to comply with Islamic principles that prohibit the payment or receipt of interest.
Should cell tower income be part of an operating budget?
Generally speaking, no. Despite the lease requiring a long term committment by the lessor (landlord), they typically have termination language in them that allows the lessee cancel them at any time for any or no reason. Given that there is a finite number of carriers out there (Verizon Wireless, AT&T, Tmobile and Sprint/Nextel being the only nationwide carriers these days), once the lessee decides to terminate, chances of replacing that revenue stream are slim. It's different than, say, an office tenant. Once one of those tenants leave, there's more of an infinite number of potential renters. Cell tower income should be considered just a little something extra that's better to have than not, but should not be part of an operating budget or considered when calculating cap rate.
What civil code to give notice to remove all vehicles from the rented property along with 30ays notice to quit?
It sounds like some local 'landlord/tenant' law designed to protect both the lessor and the lessee. You've been given notice to vacate the premises within a certain reasonable amount of time - now it's up to you. You can either appeal to court giving good reason why you should not be evicted (or your lease terminated), or comply with the vacate notice.
