CLFP CLASS REVIEW STUDY ACTUAL EXAM LATEST 2024/2025 QUESTIONS AND VERIFIED CORRECT ANSWERS/ ALREADY GRADED A++
1 view 0 purchase
Course
CLFP-CLASS
Institution
CLFP-CLASS
CLFP CLASS REVIEW STUDY ACTUAL EXAM LATEST 2024/2025 QUESTIONS AND VERIFIED CORRECT ANSWERS/ ALREADY GRADED A++
CLFP CLASS REVIEW STUDY ACTUAL EXAM LATEST 2024/2025 QUESTIONS AND VERIFIED CORRECT ANSWERS/ ALREADY GRADED A++
CLFP CLASS REVIEW STUDY ACTUAL EXAM LATEST
2024/2025 QUESTIONS AND VERIFIED CORRECT ANSWERS/
ALREADY GRADED A++
Standard Lease Agreement - ANSWER A lease governing a single
transaction, outlining terms and conditions for the rental of property or
equipment.
Master Lease Agreement - ANSWER A comprehensive document allowing
the addition of multiple properties or equipment under the same terms and
conditions.
Plain Language Agreement - ANSWER Lease documents edited for brevity
and simplicity, making them easier to understand for all parties involved.
Conspicuous Disclaimer - ANSWER Required disclaimer language that is
prominently displayed to draw the lessee's attention to specific terms or
conditions.
Lease Contract - ANSWER An agreement where the lessor provides
property or equipment to the lessee in exchange for rental payments.
Lease Schedule - ANSWER An integral part of master lease agreements,
detailing the specific terms and conditions for each property or equipment
added to the lease.
Guaranty - ANSWER A document containing credit support from third
parties, guaranteeing the performance of the lessee.
UCC - ANSWER A filing with the Secretary of State where the lessee is
incorporated, providing notice of the lessor's security interest in the leased
property.
D&A or Acceptance Certificate - ANSWER A document signed by the
lessee to indicate unconditional acceptance of the leased equipment.
Corporate Resolution - ANSWER An authorization for a corporate entity to
enter into a lease agreement.
,Exhibits & Schedules - ANSWER Formal additions to the lease agreement,
detailing specific terms and conditions for added properties or equipment.
Landlord/Real Estate Waiver - ANSWER A document where the landlord
acknowledges the lessor's property on the tenant's premises.
Fixture Filing - ANSWER Similar to UCC, a document recorded by the
county recorder of real property records to establish the lessor's security
interest in the leased property.
Invoice - ANSWER A document issued by a vendor to the lessor, seeking
payment for equipment or services provided.
Purchase Order - ANSWER An order issued by the lessor indicating the
intent to purchase equipment from a vendor.
Advanced Funding Agreement - ANSWER A document describing the
terms for the lessor to advance the cost of equipment to the vendor before
full delivery.
Purchase Option - ANSWER A provision addressing the lessee's option to
acquire ownership of the leased property at the end of the lease term.
Identification of Parties - ANSWER The legal names and addresses of the
supplier, lessee, and lessor involved in the lease agreement.
Equipment Description and Location - ANSWER A detailed description of
the equipment, including serial numbers, and its location for tax and
insurance purposes.
Terms Payment - ANSWER The correct amount, number, and frequency of
lease payments as agreed upon in the lease contract.
Acceptance - ANSWER The lessee's formal acceptance of the equipment
when it is fully delivered and operational.
Disclaimer of Warranties - ANSWER A statement by the lessor indicating
that they make no warranties about the equipment's condition,
merchantability, or fitness for a particular purpose.
,Article 2a (10 in California) - ANSWER A legal provision that distinguishes
the supplier of the equipment from the funder as separate entities, often
relevant in California lease agreements.
Assignment of Lease - ANSWER A provision that either prohibits the
assignment of the lease to unknown entities or requires the lessor's
consent for any assignment.
Rental Commencement and other Payments - ANSWER A section of the
lease agreement that links the commencement of rental payments to the
equipment delivery date and specifies due dates for all payments.
Non-Cancellation - ANSWER A provision stating that the lease may not be
cancelled without the lessor's written agreement.
Lessee/Lessor Signatures - ANSWER The signatures of the lessee and
lessor, which may be in written or electronic form and are often verified by
incumbency certificate and corporate resolution.
Vaulting - ANSWER A method for transferring the authoritative copy of the
original lease document to a secure location for safekeeping and future
reference.
Choice of Law - ANSWER A provision in the lease agreement that specifies
the governing law for the transaction based on the lessor's location.
Security Deposit - ANSWER A provision that states the amount, terms of
refund, and permitted use of the security deposit in case of default or
damages.
Authorizations, Power of Attorney, Amendments - ANSWER A section of
the lease agreement that specifies the lessor's ability to file UCCs and act
as an attorney for the lessee in certain legal matters.
Location and Use of Equipment - ANSWER A provision that specifies the
permitted location and use of the equipment by the lessee in compliance
with relevant laws and regulations.
, Renewals - ANSWER A provision that gives the lessee the option to extend
the lease term, which may include automatic renewal under certain
conditions.
Insurance Requirements - ANSWER A section of the lease agreement that
specifies the lessee's obligations regarding property and liability insurance
for the leased equipment.
Liens and Tax Liability - ANSWER A provision that requires the leased
equipment to be free of liens and addresses the lessee's tax
responsibilities related to the equipment.
Lessee Indemnification of Lessor - ANSWER A provision where the lessee
agrees to compensate and hold the lessor harmless from any claims
related to the leased equipment.
Service Charges/Late Fees, Interest - ANSWER A provision allowing for
reasonable late fees and interest on any unpaid amounts as specified in
the lease agreement.
Acts of Default - ANSWER A section of the lease agreement that specifies
the events or actions that constitute the lessee's default under the terms of
the lease.
Remedies - ANSWER A section outlining the lessor's rights and available
actions in the event of the lessee's default under the lease agreement.
Waiver of Defense Clause - ANSWER A provision where the lessee agrees
to pay all rent and obligations directly to any assignee of the lessor, waiving
any defenses related to such payments.
Cross-Default Clause - ANSWER A provision stating that default under one
lease is considered a default under any or all other leases between the
same parties.
Hell or High-Water Clause - ANSWER A provision requiring the lessee to
make payments even if the leased equipment is lost, confiscated, or
destroyed.
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 phoebemigwi. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
