meaning of closed end municipal lease
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Closed-end leasing Closed-end leasing. Closed-end leasing is a contract-based system governed by law in the U.S. and Canada. It allows a person the use of property for a fixed term, and the right to buy that property for the agreed residual value when the term expires.
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Should You Choose an Open-End or a Closed-End Car Lease? The closed-end lease is more popular with consumers. This type of lease put the lessor (the one who lends the vehicle) responsible for the depreciation, but in return the lease agreement limits the mileage and protects the vehicle from excessive damages. The contract predicts that the wear and tear will be normal.
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- A legal document outlining the terms under which one party agrees to rent property from another party. A lease guarantees the lessee (the renter) use of an asset and guarantees the lessor (the property owner) regular payments from the lessee for a specified number of months or years.Both the lessee and the lessor must uphold the terms of the contract for the lease to remain valid. Next Up. lease is an agreement between two parties where the lessor owns property that it allows the lessee to use pursuant to terms of the agreement.
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Business & Equipment Lease Structures Available A finance lease is a full-payout, non-cancelable agreement, in which the lessee is responsible for maintenance, taxes and insurance. Finance leases are most attractive in cases where the lessee wants the tax benefits of ownership or expects the equipment’s residual value to be high.
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How to Trade in Your Car and Lease New Second, with a lease you never own the vehicle, unless you opt to purchase it as stipulated in the contract. There are two types of car leases available: closed-end and open-end leases. A closed-end lease is also known as a “walkaway lease,” a contractual agreement that is settled when the lease term ends.ust as a trade in can function as a down payment for a purchase, the equity in your car can reduce your monthly lease payments. Certainly, there are some relevant points you should consider before you offer your current vehicle as a down payment for a new car lease. Lease Principles.
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Non-Bonded Warehouse Non-Bonded Warehouse. A public warehouse is a storage facility open to any firm or individual in need of space to store goods in exchange for monthly rent. The arrangement could be temporary or long term.Renters will generally pay per square, pallet or foot they use in the warehouse. public warehouse is a storage facility open to any firm or individual in need of space to store goods in exchange for monthly rent. The arrangement could be temporary or long term. Renters will generally pay per square, pallet or foot they use in the warehouse.
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bargain purchase option According to the Financial Accounting Standards Board, if a non-cancelable lease has a bargain-purchase option, it must be classified as a capital lease.
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Realogic Blog As a means of simplifying Lease Term expiration dates, most commercial real estate leases employ a method of counting a lease's duration in Full Calendar Months. This means that a 60 month lease that starts on December 2nd, 2013 ends on December 31st, 2018. This can get especially confusing when the expiration date is calculated on the Lease Effective Date as opposed to the Rent Commencement Date. A document that codifies the official beginning of the agreement.
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Full-payout lease See: Financial lease. A long-term lease in which the lessee must record the leased item as an asset on his/her balance sheet and record the present value of the lease payments as debt. Additionally, the lessor must record the lease as a sale on his/her own balance sheet. A capital lease may last for several years and is not callable. It is treated as a sale for tax purposes. It is also called a financial lease.
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bargain purchase option Definition. Stipulation in a lease agreement that gives a lessee the right to purchase the leased asset at the end of the lease term, at a cost substantially lower than its estimated fair market value at that time.
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Leases A lease is a contract between two parties for the use of goods or land for a term in return for some form of “consideration” (i.e., payment – anything of value, whether it be money, some services, a promise of some future action, etc.).
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lease Lease is defined as a legal document in which the terms of an agreement are set out for a person to use someone else's property for a specific period of time. An example of a lease is the contract under which you agree to rent an apartment for a period of time for a specific amount of money each month.
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- Quito became a seat of Spanish colonial government in 1563 and part of the Viceroyalty of New Granada in 1717. The territories of the Viceroyalty-New Granada (Colombia), Venezuela, and Quito-gained their independence between 1819 and 1822 and formed a federation known as Gran Colombia.
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Accounting for leases in the United States Minimum lease payments. include (a) minimum rental payments, (b) any guaranteed residual value, (c) penalty for failure to renew or extend the lease, and (d) any bargain purchase option. Minimum rental payments are the minimum payments the lessee is obligated to make to the lessor under the lease agreement.0% of fair market value. test is that if the present value of the minimum lease payments are reasonably close to the market price of the asset, the asset is effectively being purchased. A major exception to the 75% and 90% rules is when the inception of the lease occurs during the last 25% of the asset’s life.
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NNN lease In one variation of a NNN lease contract, the bondable NNN lease (sometimes referred to as a true triple net or absolute triple net lease), the tenant cannot terminate the lease or seek any rent abatements under any circumstances, a provision that mitigates some of the risk for the landlord.
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Ending a Fixed Term Tenancy A fixed term tenancy is an agreement that is for a fixed time (such as 6 or 12 months). The agreement has a definite start and end (expiry) date. A fixed term tenancy agreement is usually written. Rent may be payable weekly, fortnightly, monthly or any other period agreed by the owner and tenant.
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- A fixed-term lease is a type of rental agreement in which the renter agrees to stay and pay rent for the period of time indicated in the written contract.
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- Sales-type is a type of capital lease where the present value of minimum lease payments i.e. the lease receivable for a lessor is higher than the carrying amount of the leased asset.
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capital lease capital lease. Fixed-term (and usually non-cancelable) lease that is similar to a loan agreement for purchase of a capital asset on installments. The lessor's services are limited to financing the asset, the lessee pays all other costs including insurance, maintenance, and taxes.
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closed fund closed fund. Definition. An open-end mutual fund that has temporarily or permanently suspended sale of shares to new customers, usually due to rapid asset growth. Outstanding shares are still accepted for redemption by the fund, and existing shareholders may also buy shares in some cases.
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- A fair market value lease may also be referred to as a true lease. This type of lease provides several flexible options at the conclusion of the lease agreement. Typically the lessee will have the option to return the equipment to the lessor, renew the terms, or can purchase the equipment for the fair market value.
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Laws, Regulations & Annotations Equipment Lease Agreement 2. Lessee’s premises and ii) at the end of the Lease Term, of shipping the Equipment back. to Lessor’s premises. 7. DEFAULTS: If Lessee fails to perform or fulfill any obligation under this. Agreement, Lessee shall be in default of this Agreement.
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Careful Drafting of Commercial Leases Avoids Future Ambiguity and Confusion End Date: Once the tenant takes occupancy, the end date of the term of the lease should likewise be confirmed in a signed memorandum of critical dates. A flat “ten year” term of the lease, if the turn-over date or commencement date of the term is mid-month, would likewise end mid-month, often creating practical problems with transition periods. To address this, a lease term may be defined as a fixed number of years “and until the end of the month in which the __ year anniversary of the term occurs.”
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- Related Legal Terms and Definitions: 1  Closed End Mutual Fund Concept of Closed End Mutual Fund in the context of Real Property A short definition of Closed End Mutual Fund: A fund (sometimes dealing in real estate or mortgages) which... 2  Mixed Fund A fund consisting of the proceeds of both real and personal property......
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20 CFR 639.3 - Definitions. The definition of a plant closing under WARN is fairly straight-forward. A plant closing under WARN means the permanent or temporary shut-down of a single site of employment, if such a shut down results in the loss of 50 or more employees during any 30-day period.
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Closeout (sale) A closeout sale is the final sale of an item either by a retailer or sell off of a retailer inventory to a 3rd party company. It may be a given model of item that is not selling well, or in the case of the final closure of a retailer because of a relocation, a fire , extra inventory, or especially because of a bankruptcy.