Michael’s BBKue Delights Incorporated (doing business as “Mi…
Michael’s BBKue Delights Incorporated (doing business as “Michael’s Delightful BBKue’d Meats”), a Virginia corporation, a full-service barbecue “joint” with sit-down and take-out stores throughout the southeastern U.S., is taking a $200,000 loan from Altobello Barbecue Financing Services, Inc., and is also a Virginia corporation, to purchase its utensils and cutlery, tables and chairs, décor items, and commercial kitchen equipment (including a grease trap upgrade and stove hood) for its new mall location. Altobello intends to fully collateralize its loan to Michael’s with a recorded UCC-1 financing statement. Altobello, Michael’s, and Underwood will execute a three-party _____________________ Agreement. (Neither import nor assume any special facts or circumstances.) (Select one answer only.)
Read DetailsJackie Sinatra Symphonic Supplies, Inc., an Oklahoma corpora…
Jackie Sinatra Symphonic Supplies, Inc., an Oklahoma corporation, has been negotiating with Riddle Equities V, LP, a Florida limited partnership, to lease one of Riddle’s downtown Palm Beach buildings. Sinatra is very private about its finances and operations, and has insisted its broker includes a non-disclosure/confidentiality agreement in the Letter of Intent between Riddle and Sinatra. In order to strengthen the LOI’s confidentiality/non-disclosure provision, this clause has been made specifically _____________________ in the Letter of Intent. (Select one answer only.)
Read DetailsCashiers Quarters is an ultra-luxury residential cooperative…
Cashiers Quarters is an ultra-luxury residential cooperative in Highands, North Carolina, and is controlled by the CQ Owners Association (which operates as a traditional member-based non-profit corporation). Cashiers Quarters’ most expensive unit has a value of $9,000,000. London and Langdon Carter reside in Unit 27. Unit 27 is 3,000 square feet, has three bedrooms and three-and-a-half bathrooms, the highest level of upgraded appliances, and a “top-shelf” outdoor kitchen. It also has a 270ᴼ wrap-around deck overlooking the beach. The Carters have received an offer to sell their Unit 27 interest to Peter and Cyndi Solomon. The Carters and the Solomons sign a cooperative purchase and sale agreement, and arrange for the Closing. Assuming no additional facts, the Carters and the Solomons can close the transaction following approval by: (Select one answer only.)
Read DetailsHope & Squire Bass Guitars and Amps Co., a Kansas corporatio…
Hope & Squire Bass Guitars and Amps Co., a Kansas corporation, is expanding its retail store and music school by leasing a retail suite at the second floor of the Fort Clark Music Mall. The suite is just perfect for Hope & Squire – it is located near a subway station, has a well-operated parking garage, and the rear of the suite can be easily built-out for instrument demonstrations/try-outs and lessons. Hope & Squire typically uses R. Valory Contractors to conduct its improvement work. Fort Clark Music Mall has a mortgage with F. Sheehan Financial Services. In order to properly observe the covenants of its mortgage, and to protect its interests, Fort Clark Music Mall includes a(n) _____________________ paragraph in its lease to Hope & Squire. (Select one answer only.)
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