CLFP Exam- Leasing Law & Documentation Questions and Correct Verified Answers Latest Version
2 views 0 purchase
Course
CLFP
Institution
CLFP
Describe Security Deposit Clauses
Should Include:
-The amount of the security deposit
-Where it will be held
-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
Acceleration Claus...
✓ exculpatory clauses extinguish or limit liability of a potentially culpable
party through the use of disclaimer, assumption of risk and
indemnification clauses as well as releases of liability. Must be
Conspicuous.
Waiver of Defense Clause
✓ where the lessee 'agrees not to assert against an assignee' of the lease
payments, any defenses, setoffs, or claims it may have against the
lessor, as the original payee under the lease.
Hell or High Water Clause
✓ 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 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'
'After acquired' clauses
Master01 | September, 2024/2025 | Latest update
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MASTER01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
