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CLFP Exam- Leasing Law & Documentation WITH 100- SURE ANSWERS
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CLFP Exam- Leasing Law & Documentation WITH 100- SURE ANSWERS
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10/5/24, 7:59 AMEUNICE
CLFP Exam- Leasing Law & Documentation with 100% sure
answers
Terms in this set (16)
Should Include:
-The amount of the security deposit
-Where it will be held
Describe Security Deposit Clauses
-The interest rate paid on the security deposit if applicable
Reasons that the lessor can keep the security deposit
-How the security deposit will be returned
a term that fully matures the performance due from a party upon a breach of the
Acceleration Clause
contract
exculpatory clauses extinguish or limit liability of a potentially culpable party through
Disclaimer of warranties clause the use of disclaimer, assumption of risk and indemnification clauses as well as
releases of liability. Must be Conspicuous.
where the lessee 'agrees not to assert against an assignee' of the lease payments,
Waiver of Defense Clause any defenses, setoffs, or claims it may have against the lessor, as the original payee
under the lease.
where the lessee agrees that its payment obligations under the lease are 'absolute
and unconditional' and are not subject to any defense, setoff, or counterclaim that
Hell or High Water Clause the lessee may have against the lessor, its assignee, the manufacture or seller of the
equipment, or against any person for any reason whatsoever-essentially, it agrees to
pay 'come hell or high water'
a clause that may appear in contracts, in which a lender takes a security interest in 'all
property that the debtor acquires after consummation of the loan agreement'.
'After acquired' clauses Essentially, such a clause is intended to extend the protection of the creditor to
include assets that the debtor purchases or otherwise acquires after the loan or debt
is incurred.
this agreement provides that if one creditor/lessor has multiple agreements with
'Cross default' Agreements
debtor/lessee, if one goes into default, they all become in default
this document contains all credit support provided by third parties that are not
Guaranty Agreements primary lessees. A lease guarantees the lessee use of an asset and guarantees the
lessor regular payments from the lessee for a specified number of months or years
this document is the acknowledgement by an owner or mortgagee of real property
Real Estate Waivers that the leased equipment belongs to the lessor and can be removed. Specifically by
parties having an actual interest in the property.
Security Agreements secures the obligations of the lessee under the lease.
document in which a landlord acknowledges that certain property on its tenant's
premises is owned by a third party (the lessor) and is leased to the tenant and in
Landlord's waiver
which a landlord agrees to recognize and not interfere with the lessor's rights
respecting the lessor's property.
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