Rental Agreements – BCN Stay http://bcn-stay.com/ Thu, 19 May 2022 00:35:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bcn-stay.com/wp-content/uploads/2021/06/icon-2-150x150.png Rental Agreements – BCN Stay http://bcn-stay.com/ 32 32 Construction industry ‘culture’ prevents companies from getting help, says VSBC https://bcn-stay.com/construction-industry-culture-prevents-companies-from-getting-help-says-vsbc/ Thu, 19 May 2022 00:35:17 +0000 https://bcn-stay.com/construction-industry-culture-prevents-companies-from-getting-help-says-vsbc/ Source: Mick Tsikas / AAP Image Disputes between small businesses in the construction sector are under-represented as a share of complaints to the Victorian Small Business Commission (VSBC), according to statutory authority, suggesting hard-hit businesses are picking up unpaid bills or pursue expensive legal options instead of accessing cheaper mediation services first. Speaking at the […]]]>

Source: Mick Tsikas / AAP Image

Disputes between small businesses in the construction sector are under-represented as a share of complaints to the Victorian Small Business Commission (VSBC), according to statutory authority, suggesting hard-hit businesses are picking up unpaid bills or pursue expensive legal options instead of accessing cheaper mediation services first.

Speaking at the Melbourne SmallBizWeek conference on Wednesday, Victorian Small Business Commissioner Lynda McAlary-Smith said her mediators had worked on more than 2,000 business disputes so far this year.

Hundreds of small businesses seek advice every week, she said, with the service helping businesses resolve their disputes before they snowball into legal action.

A large portion are hotel businesses, McAlary-Smith said, with the bulk of their disputes related to rental agreements or the financial impact of COVID-19 closures.

But the construction sector – which is struggling to meet strong demand, rising material costs and labor shortages – is underrepresented in VSBC’s figures, she said. declared.

“I don’t think the numbers we’re seeing really reflect the scale of the problem,” she told the conference.

Construction industry grappling with rising costs and time rashes

Insolvencies in the construction sector have grabbed the headlines, thanks to the collapse of major developers like Condev and Probuild.

Smaller players across Australia are also bearing the brunt of unfavorable trading conditions.

Despite massive demand for housing development, spurred by low interest rates and the Morrison government’s homebuilder subsidy program, soaring material costs are hurting businesses locked in fixed-price contracts.

The lack of suitable labor in many regions and disruptions to schedules caused by past COVID-19 restrictions are also weighing on many businesses.

Payment terms are extended accordingly. Credit monitoring firm CreditorWatch said 11.7% of businesses in the construction industry were in arrears of 60 days or more in April, “still by far the worst performer” of all business sectors.

“We expect arrears to begin to increase as credit becomes more expensive,” CreditorWatch added.

However, late payments and trade disputes in the construction industry are not accurately reflected by the number of calls to VSBC, McAlary-Smith said.

“So as a percentage, the number we’re seeing for building and construction is really quite low, but I don’t think that’s an accurate reflection of what’s actually going on there,” McAlary-Smith said.

Construction culture potentially preventing businesses from getting help: VSBC

The disparity may be down to the ‘culture’ of Victoria’s building industry, she claimed.

“We know that culturally, in building and construction, small contractors can sometimes be reluctant to report some of the non-payment behaviors,” she said.

“They’re worried about, ‘Well, if I’m seen as the person going to the ministry or exercising my rights, I won’t get the next job’ or ‘They’ll withhold money from another job, or all of a sudden they will start rejecting my variants”.

Similarly, the appeal mechanisms provided for by the Payment Security Act are “underutilized” by Victorian builders, she added.

McAlary-Smith said the VSBC is working with Rebecca Casson, chief executive of the Master Builders Association of Victoria, to raise awareness of the dispute resolution avenues available to builders before they embark on costly and time-consuming legal options.

Calls to VSBC are free, with VSBC mediators conducting half-day sessions between disputing parties for $195 per party.

“Think there’s definitely an opportunity to dive into that,” she said.

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May 2022 Legal Update (Part 1) https://bcn-stay.com/may-2022-legal-update-part-1/ Tue, 17 May 2022 09:48:57 +0000 https://bcn-stay.com/may-2022-legal-update-part-1/ Our Vietnam Legal Update #204 would lead you on 02 legal issues: I. Guidance on the implementation of business investment projects The Prime Minister’s Special Task Force on Reviewing, Removing Difficulties, Obstacles and Promoting the Implementation of Investment Projects issued Official Letter No. 2541/CV-TCT to guide the implementation implement business investment projects in accordance with […]]]>

Our Vietnam Legal Update #204 would lead you on 02 legal issues:

I. Guidance on the implementation of business investment projects

The Prime Minister’s Special Task Force on Reviewing, Removing Difficulties, Obstacles and Promoting the Implementation of Investment Projects issued Official Letter No. 2541/CV-TCT to guide the implementation implement business investment projects in accordance with the law. Here are some typical responses to these problems:

1. Issues: Whether investment projects to build the head office, offices; commercial or service works must meet the conditions for determining that an investment project using land is “part of a housing development scheme/plan in accordance with the Housing Act” as prescribed in Article 11 of Decree No. 25/2020/ND-CP or not?

To respond: According to Article 11.3 of Decree No. 25/2020/ND-CP, conditions applicable to projects under housing development programs/plans apply only in cases where the project uses land with purposes /investment activities in housing construction. Therefore, in the event that an investment project for the construction of headquarters, offices, commerce and services does not have housing construction objectives/activities, we do not need to apply this condition.

2. Issues: In the event that two or more investors meet the preliminary capacity and experience requirements, but one investor requests in writing not to participate in the bidding for the project. As a result, there is only one investor left with preliminary capacity and experience, how to proceed?

To respond:

The preparation, submission and preliminary assessment of the capacity and experience of the investor and the selection of investors are specified in Articles 13 and 16 of Decree No. 25/2020/ND-CP. Accordingly, this assessment should determine the number of investors who meet the prior capacity and experience requirements to serve as the basis for applying investor approval procedures or arranging a tender. open to select investors.

In the event that two or more interested investors have been assessed to meet the preliminary capacity and experience requirements, the project shall organize an open tender to select the investor for the implementation of the project. The fact that an investor, after being assessed to meet the preliminary capacity and experience, has a written request not to participate in the tender for the implementation of the project will not affect this question.

3. Issues: Should a project that requires the state to allocate or lease land through auctions or tenders be subject to the procedures for investment approval by the Provincial People’s Committee?

To respond: Investment projects that require the state to allocate or lease land through an auction of land use rights or tenders to select investors, which fall outside the cases provided for in Article 30, Article 31 and Articles 32.1b, c, d of the Investment Law, are not required to carry out procedures to obtain the approval of the investment before putting auction land use rights or bid to select investors.

4. Issues: What is “the other document determining the right to use the site for the implementation of an investment project” as prescribed in Article 33.1d of the Investment Law?

To respond:

According to Article 33.1.dd of the Investment Law, the investment policy approval file of the investment project proposed by the investor includes a copy of the land use right document or another document determining the right to use the land to implement an investment project in the event that the investment project does not require the state to allocate or lease land or allow the change of land allocation.

According to article 189 of the 2015 Civil Code, the right of use is the right to operate the public service, to enjoy the yields and benefits of the property; the right of use may be transferred to another person by agreement or by law. Thus, the right to use the site is expressed through forms such as real estate donation contracts, residential lease contracts, house rental contracts for other purposes, real estate loan contracts , mortgage contracts, land use rights contracts, etc.

Thus, the right to use the place will be indicated in different documents according to each specific case as prescribed by the Civil Code.

II. Category Frequently Asked Legal Questions

Question: If the employer terminates the employment contract illegally, what type of benefits and compensation can an expatriate receive?

To respond: The employer unlawfully and unilaterally terminates the employment contract if it is (i) without cause for unilateral termination of the employment contract and/or (ii) a breach of notice. Then, the expatriate will receive the following allowances and benefits:

a. In the event that the employer agrees to reinstate the expatriate to work, the expatriate will receive the following benefits:

    • The amount of salary for the period during which the expatriate was not authorized to work;
    • Be paid for social insurance and health insurance for the period during which the expatriate was not authorized to work;
    • Pay an additional amount of at least 02 months of salary under the employment contract; and
    • An amount equivalent to the salary provided for in the employment contract for unannounced days in the event of breach of the notice obligation.

b. In the event that the expatriate does not wish to return to work, in addition to the amount provided for in point a, the expatriate will also receive a severance allowance.

vs. In the event that the employer does not wish to reinstate the expatriate and the latter accepts, in addition to the amounts provided for in points a and b above, the expatriate will receive additional compensation equivalent to at least 02 months of salary under the employment contract.

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Ask for SCORE: Legal Steps Every Small Business Should Follow – Albert Lea Tribune https://bcn-stay.com/ask-for-score-legal-steps-every-small-business-should-follow-albert-lea-tribune/ Sat, 14 May 2022 01:49:45 +0000 https://bcn-stay.com/ask-for-score-legal-steps-every-small-business-should-follow-albert-lea-tribune/ Ask for SCORE by Dean Swanson As an entrepreneur, you are a special breed. Not afraid to dream big and take risks, you also know that a little common sense is the key to the best job in the world: owning your own business. In this column, I’ll share an example of the resources that […]]]>

Ask for SCORE by Dean Swanson

As an entrepreneur, you are a special breed. Not afraid to dream big and take risks, you also know that a little common sense is the key to the best job in the world: owning your own business. In this column, I’ll share an example of the resources that are available on a given topic. I chose to use the topic of legal steps every small business CEO should consider and then provide a reference article for each step as they work through these challenges for their business. Think of it as your legal toolbox.

Dean Swanson

Before you turn your inspiration into action, make sure you’re grounded by following these simple steps to launch your small business, increase your sales, and limit your liability.

1. Decide on a business type

The type of entity you choose for your business – whether sole proprietorship, partnership, limited liability company or limited liability company – determines how you file your taxes, puts in place legal protections and, most importantly, limits your liability. Incorporating your business also registers these details with the government.

To learn more, see this article: https://www.score.org/resources/matter-type-your-business-entity

2. Protect yourself with a prenuptial agreement

Cast with a partner? A buy-sell agreement protects everyone from situations that could complicate ownership. If one partner wants out, divorces or dies, the buy-sell agreement can protect against sticky situations when ownership shares are transferred to the wrong person.

Learn more by reading this article: https://www.score.org/resources/covering-your-back-buy-sell-agreement

3. Develop a business plan

The articles of association specify the structure of your small business. Will you have a board of directors, shareholders or other company executives? The statutes of the company gather these ducks and specify the rules and the calendar of the meetings. It is essentially the blueprint for your business.

Learn more by reading this article: https://www.score.org/resources/define-your-structure-corporate-bylaws

4. Write a solid business plan

Business plans wear two hats: they provide you with an overview to help you stay focused on your small business goals and strategies, and they can be used to present to banks and investors when you need financing.

To learn more, see this article: https://www.score.org/resources/developing-strategy-business-plan

5. Protect your secrets

When you start hiring people and forming partnerships with other companies and contractors, a nondisclosure agreement keeps your confidential information from falling into the wrong hands. It also specifies what information is actually acceptable to share.

To learn more, see this article: https://www.score.org/resources/protect-your-secrets-non-disclosure-agreement

6. Stay compliant with company minutes

States require that some sort of record be made of what is discussed and conducted at formal board and shareholder meetings. A business minutes can record all of these details to ensure your small business follows all the rules.

To learn more, see this article: https://www.score.org/resources/keeping-records-why-you-need-corporate-minutes

7. Manage expectations with an employment contract

People make a small business successful, and an employment contract protects everyone involved by putting expectations in writing. Injury and discrimination claims are on the rise, and while employment contracts can’t prevent all lawsuits, they reduce risk by defining rules, responsibilities, and setting everyone’s expectations.

Learn more by reading this article: https://www.score.org/resources/managing-expectations-employment-agreement

8. Build your skills with independent contractors

Some situations require specialized help, such as graphic design or public relations. If you hire a non-employee for some support, an independent contractor agreement can ensure everyone is on the same page going forward.

Learn more by checking out this article: https://www.score.org/resources/broadening-horizons-independent-contractors

9. Set up on a pitch

They say location is everything, especially if your business receives customers, sells products, or provides services on-site. A commercial real estate lease makes it possible to ensure the tightness of the rental contract and the solidity of the tenant/landlord relationship.

Learn more by going to this article: https://www.score.org/resources/opening-shop-commercial-real-estate-leases

10. Plan ahead

Your small business is an important asset and source of personal income. Should anything happen, a last will can protect your business and family from unnecessary expenses, inheritance taxes and potential disagreements.

To learn more, see this article: https://www.score.org/resources/drafting-will-estate-planning-small-business-owners

As you follow the path of entrepreneurship, you may come across situations where you could benefit from the advice of a professional. Work with a SCORE mentor who can point you in the right direction.

Dean Swanson is a Volunteer Certified SCORE Mentor and past SCORE Chapter President, District Director and Regional Vice President for the Northwest Region.

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Very myopic vacant commercial plan | News https://bcn-stay.com/very-myopic-vacant-commercial-plan-news/ Thu, 12 May 2022 00:17:29 +0000 https://bcn-stay.com/very-myopic-vacant-commercial-plan-news/ Developers already have limited financing options; traditional lenders avoid unconventional loans and home loans often fall into this category, with uncertain exit dates and values. But in the case of Main Street repurposing, many owners will need to apply for a change of use and/or planning permission, depending on the size of the unit. Many […]]]>

Developers already have limited financing options; traditional lenders avoid unconventional loans and home loans often fall into this category, with uncertain exit dates and values.

But in the case of Main Street repurposing, many owners will need to apply for a change of use and/or planning permission, depending on the size of the unit. Many lenders have a general policy of not pre-planning loans, given the uncertainty of outcome and timing.

This leaves developers with the only option of notoriously expensive short-term financing provided by a niche market of specialist lenders who understand the planning process and can repay loans on short notice.

Add a six-month delay to the process, and the threat of a forced auction for a rental tenant further increases the risk profile, meaning lenders who can structure these loans will put much more emphasis on the track record of the tenant. borrower to deliver on short notice, alongside their relationship with and track record of the local council.

Ultimately, underwriting an asset that only has six months of guaranteed vacant possession is going to be difficult.

Focusing on a timescale rather than a set of criteria will only result in undesirable short-term solutions to getting an extension, such as three-month leases on pepper rent. However, if the auction is based on the highest bid, this will also be beyond the control of the developers.

Without answers to these questions, it is impossible to draw definite conclusions, but this is a very short-sighted solution that can hardly accompany the government’s recent extension of permitted development rights to commercial buildings either. , which requires properties to be vacant for three months prior to application.

It appears to pack good intentions into bureaucracy, increase administration for councils that are already struggling to deliver, and leave developers with very limited funding options.

Daniel Austin, Managing Director and Co-Founder, ASK Partners

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Avalara MyLodgeTax Pro Simplifies Tax Compliance for Short-Term Rental Property Managers https://bcn-stay.com/avalara-mylodgetax-pro-simplifies-tax-compliance-for-short-term-rental-property-managers/ Mon, 09 May 2022 17:50:45 +0000 https://bcn-stay.com/avalara-mylodgetax-pro-simplifies-tax-compliance-for-short-term-rental-property-managers/ Avalara, Inc. launched Avalara MyLodgeTax Pro, a SaaS solution that helps managers of multiple short-term rental properties increase efficiency and ensure compliance through automation. Avalara’s New Offering Streamlines Occupancy, Sales, and Use Tax Calculation, Completes and Maintains Tax-Related Lodging Registrations/Permits for Guests, and Automates Tax Returns and Remittances end-to-end to applicable jurisdictions. Avalara is a […]]]>

Avalara, Inc. launched Avalara MyLodgeTax Pro, a SaaS solution that helps managers of multiple short-term rental properties increase efficiency and ensure compliance through automation. Avalara’s New Offering Streamlines Occupancy, Sales, and Use Tax Calculation, Completes and Maintains Tax-Related Lodging Registrations/Permits for Guests, and Automates Tax Returns and Remittances end-to-end to applicable jurisdictions. Avalara is a cloud-based enterprise tax compliance automation provider.

Growing your business requires simplified compliance

MyLodgeTax Pro is designed specifically for professional property managers with 5-40,000 properties, who must navigate complex regulations to help mitigate compliance risk for their clients. While online marketplaces take more responsibility for remitting certain taxes, MyLodgeTax Pro helps account for these agreements, reducing the risk of overpaying (or underpaying) lodging taxes.

The system eases property managers’ headaches by improving the efficiency of managing client compliance obligations and allowing managers to focus less on compliance and more on revenue-generating activities.

“Property managers represent an important and growing segment of our clientele, in step with the growing professionalism of the short-term rental industry,” said Oliver Hoare, general manager of Lodging at Avalara. “MyLodgeTax Pro is expressly designed for professionals overseeing all aspects of renting multiple properties, and we recognize that determining correct taxes, filing reports, remitting taxes, and overseeing various state and local licensing requirements Undermine core business objectives MyLodgeTax Pro allows property managers to focus on generating more bookings and helping landlords, rather than struggling with tax compliance.

Meet Mandatory Short-Term Rental Compliance Obligations with Avalara

MyLodgeTax Pro can help reduce the time and resources needed to achieve tax and regulatory compliance, providing the following benefits to short-term rental property managers:

  • Reduces exposure to audit risk and non-compliance with up-to-date tax content
  • Provides registration with state and local tax agencies based on provided ownership information
  • Determines lodging tax rates based on property address
  • Help prepare, file and pay lodging taxes when due
  • Facilitates the creation of comprehensive reports to meet internal or external audit requirements
  • Provides support for managing tax agency correspondence and notifications
  • Includes ongoing support from industry experts for easy setup

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Rent-A-Center (NASDAQ:RCII) Releases Second Quarter Revenue Forecast https://bcn-stay.com/rent-a-center-nasdaqrcii-releases-second-quarter-revenue-forecast/ Sat, 07 May 2022 18:01:10 +0000 https://bcn-stay.com/rent-a-center-nasdaqrcii-releases-second-quarter-revenue-forecast/ Rent-A-Center (NASDAQ:RCII – Get Rating) released an update to its second-quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $0.95-1.10 for the period, compared to the consensus EPS estimate of $1.30. The company released a revenue forecast of $1.045 billion to $1.075 billion, compared to the consensus revenue estimate of $1.13 billion. […]]]>

Rent-A-Center (NASDAQ:RCII – Get Rating) released an update to its second-quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $0.95-1.10 for the period, compared to the consensus EPS estimate of $1.30. The company released a revenue forecast of $1.045 billion to $1.075 billion, compared to the consensus revenue estimate of $1.13 billion. Rent-A-Center also updated its FY22 guidance to $4.50-5.00 EPS.

Shares of NASDAQ:RCII traded down $0.83 during Friday’s trading, hitting $26.45. 1,820,039 shares of the company were traded, against an average volume of 922,141. The company has a debt ratio of 3.06, a current ratio of 3.36 and a quick ratio of 0.74. Rent-A-Center has a 52-week minimum of $22.70 and a 52-week maximum of $67.76. The company’s 50-day simple moving average is $25.88 and its 200-day simple moving average is $38.82. The company has a market capitalization of $1.56 billion, a price/earnings ratio of 20.66 and a beta of 1.55.

Rent-A-Center (NASDAQ:RCII – Get Rating) last reported results on Wednesday, May 4. The company reported earnings per share (EPS) of $0.74 for the quarter, beating the consensus estimate of $0.71 by $0.03. The company posted revenue of $1.13 billion in the quarter, versus $1.11 billion expected by analysts. Rent-A-Center had a return on equity of 45.03% and a net margin of 1.87%. The company’s revenue increased 9.4% year over year. In the same quarter last year, the company posted earnings per share of $1.32. On average, sell-side analysts expect Rent-A-Center to post EPS of 4.72 for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, April 22. Shareholders of record on Tuesday, April 5 received a dividend of $0.34 per share. This represents an annualized dividend of $1.36 and a yield of 5.14%. The ex-dividend date was Monday, April 4. Rent-A-Center’s dividend payout ratio is currently 106.25%.

Several equity analysts weighed in on RCII shares. KeyCorp cut its price target on Rent-A-Center from $68.00 to $44.00 and set an overweight rating for the company in a Friday, Feb. 25 report. Zacks Investment Research has upgraded Rent-A-Center from a hold rating to a strong sell rating and has set a price target of $24.00 for the company. in a Monday, March 7 report. StockNews.com began covering Rent-A-Center in a report on Thursday, March 31. They issued a holding note for the company. Finally, Raymond James downgraded Rent-A-Center from a Strong Buy rating to an Outperform rating and lowered its price target for the stock from $65.00 to $40.00 in a research report Friday, February 25. One financial analyst has assigned the stock a sell rating, one has assigned a hold rating and four have assigned the stock a buy rating. According to MarketBeat.com, the company currently has a consensus buy rating and a consensus target price of $48.25.

In other Rent-A-Center news, CEO Mitchell E. Fadel purchased 40,000 shares of the company in a transaction that took place on Tuesday, March 1. The shares were purchased at an average cost of $27.08 per share, with a total value of $1,083,200.00. The transaction was disclosed in a document filed with the SEC, accessible via this hyperlink. Company insiders own 1.50% of the company’s shares.

Institutional investors have recently changed their positions in the company. Janus Henderson Group PLC bought a new position in Rent-A-Center in Q3 worth $293,000. Virtu Financial LLC increased its stake in Rent-A-Center by 54.2% in the fourth quarter. Virtu Financial LLC now owns 5,700 shares of the company valued at $274,000 after purchasing an additional 2,003 shares in the last quarter. LPL Financial LLC increased its stake in Rent-A-Center by 55.4% in the fourth quarter. LPL Financial LLC now owns 15,307 shares of the company valued at $735,000 after purchasing an additional 5,460 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Rent-A-Center by 43.0% in the fourth quarter. Advisors Asset Management Inc. now owns 41,120 shares of the company valued at $1,975,000 after purchasing an additional 12,366 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in Rent-A-Center by 3.8% in the fourth quarter. Deutsche Bank AG now owns 47,641 shares of the company valued at $2,288,000 after buying 1,748 additional shares in the last quarter. 81.66% of the shares are currently held by institutional investors.

Rent-A-Center Company Profile (Get a rating)

Rent-A-Center, Inc., together with its subsidiaries, rents household durable goods to customers on a lease-to-own basis. The Company operates in four segments: Rent-A-Center Business, Acima, Mexico and Franchising. It offers furniture and accessories, household appliances, consumer electronics, computers, tablets and smartphones, tools, tires, handbags and other accessories under lease- purchase.

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Earnings history and estimates for Rent-A-Center (NASDAQ:RCII)



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Dad sues daughter over $330,000 ‘loans’ for two properties, which she says were gifts https://bcn-stay.com/dad-sues-daughter-over-330000-loans-for-two-properties-which-she-says-were-gifts/ Thu, 05 May 2022 17:00:00 +0000 https://bcn-stay.com/dad-sues-daughter-over-330000-loans-for-two-properties-which-she-says-were-gifts/ A father has sued his daughter for more than $330,000 in ‘loans’ which she has not repaid, but she is adamant the money was given to her as a gift. Gregory Bernard Clark has asked the Christchurch High Court for summary judgment over what he claims were four loans he made to his daughter, Felicity […]]]>

A father has sued his daughter for more than $330,000 in ‘loans’ which she has not repaid, but she is adamant the money was given to her as a gift.

Gregory Bernard Clark has asked the Christchurch High Court for summary judgment over what he claims were four loans he made to his daughter, Felicity Kate Clark.

Felicity Clark objected to her father’s request, saying the money was given to him as a gift – or at the very least some of the money given to him was meant to be gifts.

According to a newly published judgment, Felicity Clark first asked her parents for a loan in 2015 after buying property on Bickerton St in Christchurch as an investment. She wanted the money for the expenses related to the purchase and for the repairs.

READ MORE:
* Lessons from the Warin case: Avoiding the “mom and dad’s bank” becoming a gift of property
* Colleen Warin ‘appalled’ by publicity, disappointed with judgment over unpaid loans to parents
* Mom who loaned daughter $360,000 says ‘it’s terrible’

On August 21, 2015, she provided her parents with a form of loan agreement indicating that she intended to repay the loan within three years or as soon as possible from excess rental income. He also said she would seek to “duplicate this model” by borrowing additional funds from her parents.

The loan agreement was never signed by the Clarks, but they paid their daughter just over $68,000 about a week later.

Over the following months, three more sums were paid to him from his parents’ bank accounts: $22,500 on September 24, 2015 for a deposit on a property in Woodham Rd; $202,895 on October 22, 2015 to finalize the purchase of the Woodham Rd property and $40,000 on March 7, 2016 for the renovations of the Bickerton St property.

On March 6, 2016, Felicity and her father entered into four loan agreements regarding the four payments. The loan agreements had been prepared by Gregory Clark and effectively stipulated that Felicity would repay the money, with interest, via monthly installments over 36 months using excess rental income from the properties.

Gregory Clark and his daughter signed the agreements, but Felicity Clark never returned the money.

Around October 2018, the Woodham Rd property was sold, but none of the proceeds from the sale went to Gregory Clark and his wife.

Over a period of about nine months, the Clarks’ attorney sent three letters to Felicity Clark about getting the money back.

On July 16 last year, she emailed her parents calling their request for the money back “pure fantasy”.

In the court ruling, Associate Judge Paulsen pointed to “notable features” in the email, including that it referred to “loans and loan documents” and the “agreement” having changed significantly in during verbal discussions since the drafting of the loan documents.

Specifically, the email mentioned that Felicity Clark’s mother had verbally agreed that some of the money was to be a gift.

“This was in reference to the fact that Felicity had suffered years of physical and psychological abuse at the hands of Mr. Clark and his brother. Felicity states that she believed that Mrs. Clark was offering her the money in recognition of the treatment she had received.

The email said Felicity Clark’s mother had agreed that interest on the money would be waived and the remainder would be repaid on future real estate transactions when Felicity Clark was “sufficiently liquid”.

In light of this email, Gregory Clark went to court seeking summary judgment on the loan agreements, including interest and penalties, totaling $423,442.

Gregory Clark’s legal arguments in court relied heavily on the draft loan agreement his daughter had prepared when she requested the first payment, the loan agreements later signed by both parties, the letters of lawyers sent to Felicity Clark and her email referring to “loans” and “loan agreements”.

Felicity Clark’s attorney argued that the case was not amenable to summary judgment because there were numerous factual disputes that needed to be resolved first.

They argued that the payments were gifts and that the loan agreements were only intended as a safeguard against claims of ownership of the relationship by Felicity Clark’s partner. She said she was forced to sign them under duress.

She further stated that the repayment terms would have been impossible to meet because the monthly repayments would have far exceeded any excess rent.

Judge Paulsen said that while he viewed Felicity Clark’s position as “weak”, there was enough difference on the factual issues for him to conclude that her defense could not be ruled out as untenable.

The motion for summary judgment was denied and the judge ordered that the case be scheduled for a case management conference to continue in court.

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Los Angeles City Council calls for enforcement against illegal short-term rentals and non-compliant Airbnbs https://bcn-stay.com/los-angeles-city-council-calls-for-enforcement-against-illegal-short-term-rentals-and-non-compliant-airbnbs/ Sun, 01 May 2022 19:54:44 +0000 https://bcn-stay.com/los-angeles-city-council-calls-for-enforcement-against-illegal-short-term-rentals-and-non-compliant-airbnbs/ LOS ANGELES (CNS) — Los Aneles City Council on Friday approved a motion to strengthen enforcement of a city ordinance banning unauthorized and non-compliant Airbnbs and other short-term rental operations. Councilor Nithya Raman and Councilors Bob Blumenfield, Mike Bonin and Paul Koretz’s motion called for the Planning Department to report within 90 days on: Recommendations […]]]>
LOS ANGELES (CNS) — Los Aneles City Council on Friday approved a motion to strengthen enforcement of a city ordinance banning unauthorized and non-compliant Airbnbs and other short-term rental operations.

Councilor Nithya Raman and Councilors Bob Blumenfield, Mike Bonin and Paul Koretz’s motion called for the Planning Department to report within 90 days on:

  • Recommendations on how the city can deal with non-compliant hosts who rent properties listed as primary residence but are not used as such, conversion of affordable housing stock to short-term rentals, conversion of multi-family residential structures to short-term accommodation term rentals, short-term rentals engaged in commercial uses/activities and properties rented for longer periods than permitted
  • Enforcement mechanisms such as citations, fines, license revocations and criminal penalties
  • Home sharing regulation and enforcement models from other cities, including San Francisco, Austin, and New Orleans
  • Strategies to ensure that all home sharing platforms that operate in the city enter into platform agreements requiring them to share data with the city
  • Strategies for implementing and improving data collection
  • What staff or dedicated unit, office or department is needed to consolidate various aspects of home sharing compliance and enforcement into a multidisciplinary team.

“In our city, we cannot afford the consequences of losing more affordable housing units to supply that is already desperately short,” Raman said. “Failing to fully and properly enforce the Home Sharing Ordinance means we are losing homes, putting tenants under pressure to move and inviting major nuisance and quality of life issues into our communities. [Friday’s] Voting is an essential step in our ongoing efforts to stabilize and protect our neighborhoods.”

A McGill University study prepared for Better Neighbors LA found that a third of the city’s advertised short-term rental listings have been illegal since the home-sharing ordinance went into effect in 2018.

“We passed short-term rental regulations in Los Angeles to stop landlords from converting Angelenos’ homes into rogue hotels, but enforcement is so lax that operators and platforms are breaking the law and worsening our housing crisis. affordable housing,” said Mike Bonin, who co-authored the 2018 Home Sharing Ordinance. “We are hemorrhaging valuable rental stock, and that needs to stop. »

The Planning Department will also write a report within 90 days for a plan to create a centralized digital database or platform to better coordinate the tracking of non-compliant properties. The platform would be used to

monitoring and enforcement purposes.

The motion also called on the department to ensure within 90 days that the public can see if a city property has a home-sharing license, a home-sharing license renewal or a home-sharing extension.
Licence.

“In addition to battling runaway parties and violent crime in short-term rentals, we have serious concerns about Home Sharing Ordinance violations such as the illegal conversion of our critical affordable housing stock, hosts engaging in commercial activities and renting homes that are not a primary residence,” Koretz said. “In fact, we see a number of home sharing ordinance violations every day in my district, and we need to seriously look at the program and the mechanisms and resources needed to effectively enforce the ordinance.”

Copyright 2022, City News Service, Inc.

Copyright © 2022 by City News Service, Inc. All rights reserved.

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CAPITAL PROPERTIES INC /RI/ Management’s Report of Financial Condition and Results of Operations (Form 10-Q) https://bcn-stay.com/capital-properties-inc-ri-managements-report-of-financial-condition-and-results-of-operations-form-10-q/ Fri, 29 Apr 2022 21:58:08 +0000 https://bcn-stay.com/capital-properties-inc-ri-managements-report-of-financial-condition-and-results-of-operations-form-10-q/ FORWARD-LOOKING STATEMENTS Certain portions of this report, and in particular management’s discussion and analysis of financial condition and results of operations, contain forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933, as amended, and Sections 21E of the Securities Exchange Act. of 1934, as amended, which represent the Company’s expectations […]]]>

FORWARD-LOOKING STATEMENTS

Certain portions of this report, and in particular management’s discussion and analysis of financial condition and results of operations, contain forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933, as amended, and Sections 21E of the Securities Exchange Act. of 1934, as amended, which represent the Company’s expectations or beliefs regarding future events. The Company cautions that such statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: the Company’s ability to generate adequate cash; the recoverability of the excess of linear rents over contractual rents when due over the term of long-term leases; default by the tenant under one or more of the leases; the start of additional long-term land leases; changes in economic conditions that could affect the current or future development of the Company’s parcels; the impact of the COVID-19 pandemic on the Company’s economy, parking operations and financial performance; exposure to reclamation costs associated with its former operation of the oil storage facility and the resolution of the Sprague action against the Company in connection with the construction of the dolphin at the terminal jetty. The Company does not undertake to update any forward-looking statements in response to new information, future events or otherwise. 1. Overview:

Critical accounting conventions:

The Company believes that its revenue recognition policy for long-term leases with anticipated rent increases meets the definition of a critical accounting policy which is described in the Company’s Form 10-K for the year ended
December 31, 2021. There has been no change in the application of this accounting policy since December 31, 2021. 2. Liquidity and capital resources:

Historically, the Company had sufficient liquidities to finance its activities.

Cash and cash commitments:

To March 31, 2022the Company had cash and cash equivalents $1,622,000. The Company and its subsidiary each hold checking accounts and a money market account in a bank, all insured by the Federal Deposit Insurance Corporation to a maximum of $250,000. The Company periodically assesses the financial stability of the financial institutions with which the Company’s funds are held.

On October 6, 2021 the tenant of the lease of Parcel 20 received a Notice of Termination of the Lease (“Notice of Termination”) advising that the lease would end on October 18, 2021 unless the non-payment of first quarter property taxes and related penalties and interest have been corrected. Subsequently, it was agreed that, provided the first and second quarter property taxes and related penalties and interest are paid in full by October 31, 2021, the lease would not be terminated. The tenant failed to make the required payments and as a result the lease was terminated. On the date of termination, the annual amount owed by the tenant of plot 20 in respect of land rent and acquisition rent amounted to $195,000 and the annual property taxes paid by the tenant equal $134,000. Upon termination, property taxes became an obligation of the Company. The expected annual cost of running the bell tower street buildingproperty taxes included ($134,000) and depreciation expense ($86,000) approximate $355,000 with tenant refunds estimated at $50,000.

From April 29, 2022, all tenants have paid their monthly rent in accordance with their lease agreements with the exception of Metropark. The coronavirus (COVID-19) pandemic continues to negatively impact Metropark. To March 31, 2022
his total rent arrears is $857,000 and has been fully booked by the Company. The Company does not know when or if Metropark operations will return to normal. Until parking revenue received by Metropark equals or exceeds $70,000 per month, after which Metropark is obligated to resume regular lease payments scheduled under its lease, the Company will continue to recognize Metropark’s revenue on a cash basis.

For the three months ended March 31, 2022 and 2021 rents collected from Metropark equaled $45,000 and $2,000respectively.

The Company does not expect to receive contingent rent from Metropark in 2022.

The terminal’s sales contract and related documentation stipulate that the company is required to obtain an approved remediation plan and address contamination caused by a 1994 leak from a storage tank at the terminal. To
March 31, 2022the accrual to be paid by the Company for the remainder of the cost of the remediation has been
$342,000 whose $71,000 should be

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incurred in the remaining quarters of 2022. Any subsequent increase or decrease in the expected cost of remediation will be recognized in the gain (loss) on sale of discontinued operations, net of tax.

The terminal sale agreement also contained a cost-sharing clause for a Duke of Alba under which all costs incurred in connection with the construction of the Duke of Alba beyond the initial estimate of $1,040,000 would be borne equally by Sprague and the Company subject to certain limitations, including, in the opinion of the Company, a cap of 20% on the increase over the original estimate subject to the agreement of share. In November 2019the Company has received a formal notice from Sprague stating that it is liable $427,000the amount of which represents 50% of the actual costs incurred ($1,894,000) in excess of
$1,040,000. The Company affirms that its obligation cannot exceed $104,000. On
June 17, 2021 the company and Sprague met with a mediator to review Sprague’s claim. On July 15, 2021Sprague brought an action against the Company in the
Superior Court of Rhode Island claiming pecuniary damages from $427,000, interest and attorney’s fees. The Company intends to vigorously defend itself against Sprague’s claims.

The declaration of future dividends will depend on future earnings and financial performance. 3. Results of operations:

Three months ended March 31, 2022 compared to three months ended March 31, 2021:

Turnover, leasing on the rise $115,000 from 2021, mainly due to increased inflows from Metropark ($43,000), rent from the rental of the bell tower street building ($78,000) offset by the termination of the lease for plot 20.

Operating expenses increased $89,000 due to expenses related to the day-to-day operations of the bell tower street building.

General and administrative expenses increased $39,000 primarily due to increased legal costs associated with the Sprague’s Dolphins case ($20,000), increase payroll and payroll-related expenses ($32,000) offset by the decrease in other miscellaneous expenses.

For the three months ended March 31, 2022 and 2021, the Company’s effective tax rate is approximately 28% of earnings before income taxes.

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© Edgar Online, source Previews

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The Israeli office market offers opportunities for small investors https://bcn-stay.com/the-israeli-office-market-offers-opportunities-for-small-investors/ Sun, 24 Apr 2022 11:46:50 +0000 https://bcn-stay.com/the-israeli-office-market-offers-opportunities-for-small-investors/ With housing prices in Israel rising rapidly as annual returns from renting an apartment in a high-demand area fall below 3%, ‘Globes’ investigates whether there are more attractive alternatives to investing real estate in office real estate. High returns but not always easy to rent During the Covid pandemic, Israel’s office towers […]]]>

With housing prices in Israel rising rapidly as annual returns from renting an apartment in a high-demand area fall below 3%, ‘Globes’ investigates whether there are more attractive alternatives to investing real estate in office real estate.

High returns but not always easy to rent

During the Covid pandemic, Israel’s office towers were empty. Even though many employees are now engaged in hybrid working – part home and part office – office rents in in-demand areas are on the rise.

Avison Young Israel Commercial Real Estate Advisors and Brokers, Co-CEO Guy Amosi, said: “In late 2021, owners of space in one of Derekh Menachem Begin’s AAA-class office towers in Tel Aviv decided it was time to make their investment. The rental agreement that was signed during the pandemic was relatively low at NIS 120 per square meter per month with three years remaining on the agreement on the first option. We started by asking for a sale price of 25,000 NIS per square meter, yields of 5.76%, and with each meeting with a potential buyer, the offers increased by around 1,000 NIS per square meter. At NIS 29,000 per square meter (4.96% yield), the owner decided not to sell.

According to Amosi, in Tel Aviv’s central business district – between Yitzhak Sadeh Street and the Ramat Gan Diamond Exchange – rental prices have risen dramatically, so anyone who has bought high-tech offices and wants to rent them can make ‘ Back. However, he added, “it is difficult to speak today of a representative rental price in the central business district, or of a representative sale price or, therefore, of representative yields. It There have been sales deals in class AAA buildings for NIS 35,000 per square meter and outside the central business district in class B and C buildings even for NIS 30,000 per square meter, with the hope to one day convert them into residential buildings.

Commercial real estate agent Yoram Kaner said: “In central Tel Aviv, offices are rented for NIS 180 and even NIS 200 per square meter and in Ramat Hahayal it is possible to find a lot of empty offices for NIS 60. that it is difficult to rent.”

The trend of retail investors buying office space to invest has been around for a few years, even before Covid, said Oren Glazer, director of the Anglo-Saxon National Commercial Property Division. He explained that this trend was the result of rising residential property prices and taxation, which discouraged investors.







He said: “Investors who have capital of NIS 500,000 find it difficult to buy an apartment, so they turn to the alternative income-generating real estate market. It started with the office market and today, developers are producing products suitable for small investors, such as a room in The idea behind this approach is mainly to attract investors from the private sector and to attract people who have not been part of this segment of investment.

“Today any investor willing to enter the market can invest in the commercial market but this needs to be investigated. Commercial property yields are three times higher than apartment yields and there are also tax breaks – acknowledging expenses and funding deductions.”

Amosi cites many advantages in office rental. “In leases, your initial commitment is low. Your first money is a guarantee that is worth several months’ rent. In addition, the rental expense is recognized as a tax charge and there is flexibility. The contract is for several years and when you can leave. Maintenance is also easy because the owner of the property is responsible for the maintenance of the building and the tenant only has to maintain the office.”

However, Glazer added that a commercial property requires ongoing maintenance and unlike an apartment, the downside of this investment is contained in the upkeep. “As long as the unit is rented it is fine, but when a commercial property is empty it is expensive. There are high municipal taxes and management fees that must be paid and are the responsibility of the property owner .”

The length of time a desk sits on the shelf should also be a consideration. It is easier to rent an apartment while an office can sit empty for a long time unless it is in a high demand area. “In the central business district, the time an office stays on the shelf is zero. The office vacancy rate in Tel Aviv is 2% to 3% and in high demand areas, there is no has no offices available. But in the rest of the country, on the other hand, it can reach 20% and this reflects the profitability of the investment.”

According to Kaner, “If you want to buy a property that has already been rented, it is possible that in the future the tenant will leave and you will have to find a replacement. But if you’re buying a property that’s empty or under development, you have to take into account that it will take time to rent it out and that you’re in competition with many other landlords.”

Amosi pointed out that outside of the central business district, it is worth investing in an office and not for rental income. “One of my clients asked me if they should buy an office in South Tel Aviv in a 25 year old building for NIS 30,000 per square meter. The decision to buy or not was based on several factors I told him that only if he believed that one day the building would be converted into apartments then he should buy but that if the building still remained for offices then in my opinion there was no financial logic to it. ‘to buy.”

Published by Globes, Israel business news – en.globes.co.il – on April 24, 2022.

© Copyright Globes Publisher Itonut (1983) Ltd., 2022.


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