...CONTRACT OF LEASE KNOW ALL MEN BY THESE PRESENTS: This Contract of Lease is entered into at Davao City , Philippines, this _______day of ______________200_ by and between: _______________ , _________Citizen, of legal age, with postal address at _______________________________________ , hereinafter referred to as the “LESSOR”. -and- MR./MRS__________________________________________________with address at __________________PASSPORT NO.:______________________hereinafter referred to as the “LESSEE”, WITNESSETH: THAT WHEREAS, the LESSOR is the registered, legal, absolute owner of ___________________________________ (2 Bedrooms-Fully Furnished) w/ Parking Slot and , furnished as per Annex “A” hereof, hereinafter referred to as the “LEASED PREMISES”. WHEREAS, the LESSEE desires to lease the above-mentioned LEASED PREMISES, and the LESSOR is willing to lease the same unto the LESSEE subject to the terms and conditions hereinafter specified. NOW, THEREFORE, for and in consideration of the foregoing and the mutual covenants hereinafter set forth, the LESSOR has let and leased, and by these presents does hereby lease unto the LESSEE the aforesaid LEASED PREMISES known as _____________________ , and the LESSEE hereby accepts the same by way of lease, subject to the following terms and conditions: 1. PERIOD OF LEASE. The lease shall be for a period of __________________from _____________, 200_ to_________________200_,...
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...LEASE CONTRACT KNOW ALL MEN BY THESE PRESENTS: This CONTRACT OF LEASE is made and executed at the City of Angeles, this day of _______________, 20__, by and between: Azucena B. Dizon, of legal age, widowed, Filipino, and with residence and postal addressat 9259 Del Pilar st. Dau Mabalacat Pampanga , hereinafter referred to as the LESSOR. -AND- HOREB International a Korean non profit religious organization and with residence and postal address at Timog Park Angeles City, hereinafter referred to as the LESSEE. WITNESSETH; That WHEREAS, the LESSOR is the owner of THE LEASED PREMISES, a residential property situated at Corazon Ave. Barrio CutCut Angeles city); WHEREAS, the LESSOR agrees to lease-out the property to the LESSEE and the LESSEE is willing to lease the same; NOW THEREFORE, for and in consideration of the foregoing premises, the LESSOR leases unto the LESSEE and the LESSEE hereby accepts from the LESSOR the LEASED premises, subject to the following: TERMS AND CONDITIONS 1. PURPOSES: That premises hereby leased shall be used exclusively by the LESSEE for residential purposes only and shall not be diverted to other uses. It is hereby expressly agreed that if at any time the premises are used for other purposes, the LESSOR shall have the right to rescind this contract without prejudice to its other rights under the law. 2. TERM: This term of lease is for FIVE (5) YEARS. from August 1 2013 to August 1, 2018 inclusive...
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...House Lease Contract Page 1 of 3 Made at …………………………………… Date ……………………………………. This contract is made between ……………………………… Signed ……………………….. Hereinafter called “the lessor” and ……………………….. Singed ……………………….. Hereinafter called “the lessee” The parties to the contract agree as follows, 1. The lessor agrees to lease out and the lessee agrees to take on the lease of the property at the following Address; .……………………………………………………………………………………… …………………………………………………………………………………………………….. …………………………………………………………………………………………………….. 2. The period of the lease in this contract is ……… months commencing on the ……………… unit the ……………........ at a monthly rental Of …………………….. Bath (……………………………………………………….. Bath) 3. On signing of this contract, the lossor has received a deposit as security amounting to the sum of …………… (…………………………. Bath). Should the lessee make any damages to the leased building or attached inventory, the lessee agrees for the lessor to immediately deduct the amount due from the said deposit. 4. The lessee agrees to pay the rent to the lessor to by or before the …… day of every month, and it is the responsibility of the lessee to bring the rent to the lessor. Should the lessee be in default of the rent payment for 14 days of the said day, the lessor will have the provision to suspend the supply of water and electric to the property...
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...Trans-Share Inc. 1) Trans-Share should account for the sale of the fractional interest in the airplane in accordance to ARC 606. The revenue should be recognized at the time of inception of the customer’s contracts. Relating to ARC 606-10-25-14, the aircraft availability and the flight time services qualify as performance obligations. Although the form of the program appears to be a rental of an aircraft, the title to the fractional interest passes to the customer at the time of sale. The additional services and requirements are explicitly and distinctly outlined in the contract. Also, the contracts are substantially the same from customer to customer. This chosen method of accounting for the program should be seen as a high-quality investment. Therefore, these contracts meet specific performance obligations that are enforceable by the hand of the law. Specifically referring to ARC 606-10-05-5(a)(b)(c), I have concluded that the Trans-Share offers a service contract and not a lease for the following reasons: 1) the contract states that Trans-Share is legally and contractually obligated to provide goods/services their customers. 2) Trans-Share’s performance obligations are that they must have an aircraft available for when the customers want to travel, 3) the fractional interest transaction price is what Trans-Share expects to receive for providing their goods/services, 4) this transaction price will be adjusted based on the one-year probation period and/or the direct financing...
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...LEASE CONTRACT Non-Linear Pro and Quick-Time Video hereby enter into a Lease Agreement under the following terms: Non-Linear Pro shall convey to Quick-Time Video full possession and use of the following property: Non-Linear Pro Editing System. The term of this Lease shall be for One Month from 00/00/0000 until 00/00/000 at midnight on each date. Both parties further agree to the following provisions: SECTION 1 DEPOSIT Quick-Time Video is obliged to pay Non-Linear Pro a security deposit of $X, due upon the signing of this Lease Agreement. Upon expiration or termination of this Lease Agreement, deposit will be refundable in whole, assuming Quick-Time Video shall return the property to Non-Linear Pro in substantially the same condition in which the property was received by Quick-Time Video, taking into account normal wear and tear, when this Lease expires. SECTION 2 INSURANCE Quick-Time Video shall be responsible for maintaining the property in clean working condition at the Quick-Time Video’s expense during the term of this Lease. SECTION 3 REPAIRS Any repairs necessary to make the property functional by Quick-Time Video shall be the Non-Linear Pro’s responsibility. Repairs resulting from Quick-Time Video’s use of the Property shall be the responsibility of the Quick-Time Video. SECTION 4 OPTION TO RENT Upon expiration of this Lease, Quick-Time Video shall have the option to rent the property for the price of $X per month. Quick-Time Video shall pay Non-Linear...
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...Empty Eye Inc. 44422 Highway 290 Business, Ste.12 P.O. Box 126 Prairie View, Texas 77446 Property Manager:(832) 282-9327 (C) Leasing Office: (936) 857-9500 (O) Rental Application Form Full Name: ______________________________________ Home Address: __________________________________ Drivers License#: _________________________________ Or Govt. ID#: ____________________________________ Address on ID: ___________________________________ Vehicle Plate#: ___________________________________ Lease Term-From: _______________ Lease Term-To: _________________ College Attending ________________ _______________________________ _______________________________ _______________________________ Social Security#: __________________________________ Birthday: _________________________________________ Height & Weight: __________________________________ Sex, Eyes/Hair Color: M__ F__ Eye ________ Hair _______ Marital Status: ____________________________________ Are You a Citizen: Y__ N__ Other _____________________ Do You Have a Cosigner: __________ Cosigner’s Name: ________________ Cosigner’s Cell#: ________________ Do You Have a Roommate: ________ Roommate’s Name: ______________ Roommate’s Cell#: ______________ Cell Phone#: _____________________________________ Home Phone#: ___________________________________ Email Address: ___________________________________ Requesting A Roommate: Y___ N___ RM Gender: ____________________ RM Approx. Age: ________________ ...
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...Lease Accounting Update ( Learning objective After completing this chapter, you should be familiar with: A brief overview of the FAS B's proposed comprehensive new lease accounting guidance. I. The end is near... In May 2013, the FASB issued proposed ASU, Leases (Topic 842): a revision of the 2010 proposed Accountin-g Standards Update, Leases (Topic 840). The comment period ended in September 2013. Notice that the new lease accounting guidance is moving from FASB Accounting Standards Codification (ASC) 840, Leases, to a new Topic, ASC 842, Leases, which will supersede ASC 840. The new lease accounting guidance in ASC 842 will apply to all leases except for: Leases of intangible assets; Leases to explore for or use minerals, oil, natural gas, and similar non-regenerative resources; and Leases of biological assets, including timber. The new guidance is intended to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations, and the risks to which it is exposed from entering into leasing transactions. Under existing accounting standards, a majority of leases are not reported on a lessee's balance sheet even though the amounts involved can be substantial. In addition, lessees and lessors are required to classify their leases as either capital leases or operating leases and to account for those leases differently. For a lessee, capital lease assets and liabilities...
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...CASE QUESTIONS: Roger Haskett, p. 73 1. What are the goals of the purchasing department? The purchasing department is held accountable for the acquiring of the total amount of all goods and services for the university. The following items are outside of the purchasing powers will to control. The first of these items would be a construction contract. This would pertain to a legal type of document that would consist of cretin details of a building and or demolition project. This contract would most likely consist of three basic factors. This factors would include a license number, a statement of the expected work outcome or quality accompanied by specification modifications, an outline for the overall project; “any allowances; a contraction timetable, including starting ad completion dates; a fixed price for the work, or a time-and-materials formula; a payment schedule; a written warranty; and a clause that outlines the methods for resolving ay disputes that arise.” (InterNACHI)[1]. Another item that would be considered outside of the purchasing departments will to control would be reading materials offered by the library system. This would include anything electronically and or physically provided by the library. With this, they purchasing department will also not involve themselves in the items offered for resale by the campus bookstore. This would include any and all current materials that could be rented by or re-purchased back by the bookstore to be reusable toward...
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...Proposed Accounting Standards Update (Revised) Issued: May 16, 2013 Comments Due: September 13, 2013 Leases (Topic 842) a revision of the 2010 proposed FASB Accounting Standards Update, Leases (Topic 840) This Exposure Draft of a proposed Accounting Standards Update of Topic 842 is issued by the Board for public comment. Comments can be provided using the electronic feedback form available on the FASB website. Written comments should be addressed to: Technical Director File Reference No. 2013-270 The FASB Accounting Standards Codification is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. An Accounting Standards Update is not authoritative; rather, it is a document that communicates how the Accounting Standards Codification is being amended. It also provides other information to help a user of GAAP understand how and why GAAP is changing and when the changes will be effective. Notice to Recipients of This Exposure Draft of a Proposed Accounting Standards Update The Board invites comments on all matters in this Exposure Draft and is requesting comments by September 13, 2013. Interested parties may submit comments in one of three ways: Using the electronic feedback form available on the FASB website at Exposure Documents Open for Comment Emailing a written letter to director@fasb.org, File Reference No. 2013270 Sending written comments to ―Technical Director, File Reference...
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...Leases Introduction Definition A lease is an estate in land of defined duration. It is capable of being a legal estate under s.1(1)(b) of the Law of Property Act 1925 provided that it is a ‘term of years absolute’ (s.205) and is created in the correct manner (i.e. if exceeding three years by deed (ss.52 and 54). If not created by deed, the general rule is that the lease will be equitable in nature. A lease will usually carry with it an estate, but this is not necessarily the case: Bruton v London & Quadrant Housing Trust. Requirements for a lease There are three essential requirements where the first two of these requirements were confirmed by the House of Lords in Street v Mountford where Lord Templeman expressed ‘must be granted exclusive possession for a fixed or periodic term certain in consideration of a premium or periodical payments’ however this consideration was not necessary, as could be one peppercorn a year: Ashburn Anstalt v Arnold 1. The estate must be of a duration permitted for a leasehold estate; 2. The grant must give exclusive possession; and 3. The grant must have the correct formalities Duration of Leases Fixed Term Leases The vital feature of a fixed term lease is that there is a fixed maximum duration such as 1month, 3 years, 99 years, 999 years etc. It is perfectly possible, indeed normal, for a least to contain a forfeiture clause under which the landlord can terminate the lease prematurely if the tenant breaks any of the terms...
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...2014 To: Big Bear Power Date: October 7, 2014 Re: The Bear Minimum Summary Big Bear Power, a public utility company, has entered into a 10-year non-cancelable agreement with Goliath Company to lease a turbine. The lease is effective on January 1, 2011. The purpose of this report is to provide Big Bear with insight in evaluating whether the costs or potential costs associated with the lease should be included in the “minimum lease payments” according to US GAAP Accounting Standards Codification. When assessing the minimum lease payments, we reviewed the legal costs incurred to Big Bear’s external legal counsel (Stripe, Berry, Mills, and Buck LLP) pertaining to the negotiation of the lease terms. We also examined the provision requiring Big Bear to pay a penalty if it were to default under its current credit arrangement with its bank, as well as the effect on monthly payments that are subject to an increase in the consumer price index calculation. Provision One First we will review the costs incurred during the negotiating of the lease terms. Big Bear is required to pay its external legal counsel $500,000 in legal costs. This amount should not be included in its minimum monthly payments because per accounting guidance ASC 840-10-25-5: For a lessee, minimum lease payments comprise the payments that the lessee is obligated to make or can be required to make in connection with the leased property, excluding both of the following: a) Contingent rentals b)...
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...public partnership: DBO: Design-Build-Operate A single contract is awarded for the design, construction, and operation of a capital improvement. Title to the facility remains with the public sector unless the project is a design/build/operate/ transfer or design/build/own/operate project. The DBO method of contracting is contrary to the separated and sequential approach ordinarily used in the United States by both the public and private sectors. This method involves one contract for design with an architect or engineer, followed by a different contract with a builder for project construction, followed by the owner’s taking over the project and operating it. LDO or BDO: Lease-Develop-Operate or Build-Develop-Operate Under these partnerships arrangements, the private party leases or buys an existing facility from a public agency; invests its own capital to renovate, modernize, and/or expand the facility; and then operates it under a contract with the public agency. A number of different types of municipal transit facilities have been leased and developed under LDO and BDO arrangements. Lease/Purchase A lease/purchase is an installment-purchase contract. Under this model, the private sector finances and builds a new facility, which it then leases to a public agency. The public agency makes scheduled lease payments to the private party. The public agency accrues equity in the facility with each payment. At the end of the lease term, the public agency owns the facility or purchases...
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...the end-user businesses (Tenant) rentals as per market rates with anchor discount, subject to rental growth at 3.5% pa. c. Tatweer-ALJLH will raise project CAPEX budget approval for all renovation and construction works (Project) required by the tenant for the existing owned properties. d. Tatweer-ALJLH will earn a development management fee1 of 5% of the total project construction cost. e. Upon completion of the development work, the total development cost (TDC)2 will be bought by (transferred to) the tenant as a leasehold improvement which will be amortized in their books. f. For the project feasibility process purpose by end-user business, ALJLH will provide TDC only. 2. Existing Leased Properties: a. All existing leased properties contracts will remain under the end-user businesses (Tenant) name as a tenant. b. Tatweer-ALJLH will raise project CAPEX budget approval for all renovation and construction works (Project) required by the tenant. c. Tatweer-ALJLH will earn a development management fee of 5%. d. Upon completion of the development work, the total development cost (TDC) will be bought by (transferred to) the tenant as a leasehold improvement which will be amortized in their books. 1 Development management fees is 5% of (construction cost + soft costs (all other costs incurred on the project other than construction cost e.g. design, PM, supervision, statutory fees)), and wherever 5% fee doesn’t cover the associated cost, Tatweer-ALJLH will follow a cost plus model...
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...Farhan Ilyas Islamic banking is banking or banking activity that is consistent with the principles of sharia and its practical application through the development of Islamic economics. The Basic Difference between Capitalist and Islamic Economy Islam does not deny the market forces and market economy. Even the profit motive is acceptable to a reasonable extent. Private ownership is not totally negated. Yet, the basic difference between capitalist and Islamic economy is that in secular capitalism, the profit motive or private ownership are given unbridled power to make economic decisions. Their liberty is not controlled by any divine injunctions. History of Islamic Banking: Since the beginning of the 18th century, banking has been conducted on an interest-based system of lending money to those in need. With no other alternative available, people had no choice but to borrow money at often high interest rates. This lead to the formation of an unfair system that brought unnecessary hardship on people It was this need for a fair financial system that brought about the birth of Islamic banking in the mid-1970s. Its objective was to provide a financial alternative that was fair, transparent and above all, a source of economic upliftment for all those in need Islamic banking, enlightened with the guidance of Islamic Shari‘ah principles, emerged as an alternative financial system that neither gave nor took interest, thereby introducing a fair system of social justice and equality...
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...Sable sells and leases equipment to its customers. * Sable entered into a contract with Buildit Co. leasing a bulldozer for construction. * The lease term is 10 years and the economic and useful life of the bulldozer is 15 years. * Annual lease payments due at the end of every year will be $16,000. * Buildit is responsible for maintenance, insurance, and tax payments arising from the lease. * The residual value of the bulldozer at the end of the lease term is estimated at $24,000, although no guarantee of the residual value. * Lease does not transfer ownership of the asset at the end of the lease. * The bulldozer cost Sable $100,000 to manufacture and sells for $135,000. * Sable has recently been selling the bulldozer for $125,000 because of economic situations. * Implicit rate on $135,000 fair value is 5.45%. * Implicit rate on $125,000 fair value is 6.93%. * Payments are expected to be collected when due. Identification of Issues and Alternatives: The major question at hand in this case is whether or not the lease should be classified as a sales-type lease, a direct financing lease, a leveraged lease, or an operating lease. If the lease meets any of the criteria for being a capital lease and meets the extra required criteria for each classification then it is one of the first three, and if not then it is an operating lease. The determination of the type of lease will affect how the lease is classified on...
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