Why not all Apartment Leases are Created Equal by toriola1


									                                              Presented by Daniel Toriola

      A Lease with Purchase Option Agreement is an agreement that the lessee will lease residential property and
    includes the option of the lessee to agree to purchase that property at a certain price within a stated amount of
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                                    Warning - This Lease Might Explode Any Minute
                                                        By George A. Parker

  Warning - This Lease Might Explode Any Minute
 by: George A. Parker

Mike Caringi, owner of a small New Jersey business that sells pumps, found himself facing a
gut-wrenching dilemma last summer. Should he continue paying $ 1,500 each month for essential
telecommunications services he no longer receives and for leased equipment he claims was never
installed? Or, should he stop making payments and face a potential lawsuit from the firm that financed
the equipment under a ‘hell or high water’ lease? Mr. Caringi’s company is one of several thousand
small companies around the country reeling from the bankruptcy of Norvergence, a reseller of
telecommunications and Internet services. At the core of the quagmire facing Mr. Caringi and others is
that Norvergence succeeded in getting customers to sign separate lease and service contracts that
provided its services. When Norvergence abruptly shut its doors, it left thousands of its customers
scrambling to replace telephone and Internet services while obligated to shell out over $ 200 million in
lease payments to Wells Fargo Financial, CIT and 30 other leasing companies over the next five years.

How can you protect your company from being victimized in a similar situation? Certainly, most
transactions involving equipment leased in connection with a related service carry some degree of risk.
You can reduce that risk by taking certain precautions. First, where possible, avoid leasing equipment
when the equipment is proprietary to a service. The chances are that you will be stuck with the
equipment if the service provider fails. Make sure that the leased equipment has an underlying value
that justifies the lease. By doing a present value calculation of all payments owed under the lease
agreement and comparing that value to the fair market value of the equipment, you can see whether
the lease value is reasonable. Check to see whether the equipment is used by other similar service
providers, in case a switch in service becomes necessary. Finally, make sure the equipment you will
be leasing can be sold in the after-market. As a last resort, you may be able to cut your losses by
having the ability to buy-out the equipment from the lessor to be resold to someone else.

Perhaps, one of the best protections in signing up for a service requiring leased equipment is to
thoroughly evaluate the service provider before proceeding. Make sure the service provider is
financially sound and has a long track record of providing excellent service. If possible, ask for and
review financial information on the service provider. Do an Internet news search to make sure there are

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no troubling stories about the service provider. Be partial to services that offer equipment under
contracts that tie service and use of the equipment together, such that your obligation to pay is
conditioned on the service being provided. Lastly, since these transactions always carry some risk,
make sure that an abrupt interruption in the service will not have a material negative impact on your
company or cause a financial hardship.

George Parker is a Director and Executive Vice President of Leasing Technologies International, Inc.
(“LTI”), responsible for LTI’s marketing and financing efforts. A co-founder of LTI, Mr. Parker has been
involved in secured lending and equipment financing for over twenty years. Mr. Parker is an industry
leader, frequent panelist and author of several articles pertaining to equipment financing.

Headquartered in Wilton, CT, LTI is a leasing firm specializing nationally in direct equipment financing
and vendor leasing programs for emerging growth and later-stage, venture capital backed companies.
More information about LTI is available at: www.ltileasing.com.


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                                      Not all apartment leases are created equal
                                                  By dan the roommate man

Not all apartment leases are created equal by dan the roommate man

Before signing any lease:

* Take a walk through the unit that you are renting to make sure it is in good repair.

* Be sure to read the lease completely. All leases are not the same.

What should be included in your lease:

* All verbal promises should be reduced to writing within the lease.

* Are there provisions for a job transfer within the lease?

* How and when do you give notice to move? Must you give notice even when the lease expires and
you wish to move? Can you go month to month at the expiration of you lease?

* How long does the landlord have to return your security deposit once you have moved.

* Who is responsible for the repairs to the apartment? If you move into an apartment complex, there
are usually maintenance people to take care of all needed repairs. On the other hand if you are renting
from a private landlord, you may be responsible for part or all of the repairs.

* Are late fees addressed in the lease?

* Who is responsible for the utilities?

* What happens if you cause damage to the apartment?

If you want to make a change to the lease, cross out the clause in question. Then both you and the
landlord must initial the change for it to be binding.

dan the roommatewww.roommate man

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