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N11

TermDefinition
Fee/Simple absolute highest form of ownership. all rights of bundle, forever
Defeasible fee simple ownership lasts as long as terms/condit./uses met. ownership reverted back when terms broken
Life estate ownership interest created for life of a person
Life tenant holder of life estate
Conventional life estate all life estate created by one person for another
Waste deliberate damage to a property/value by life tenant
Estate in reversion interest held by 3rd party. will acquire greater interest in future
Remainder man person who holds interest in estate in remainder
Tenancy pur autre vie for the life of another, can will property
Demise lease (leasehold estate)
Lessor landlord
Lessee tenant
Estate(tenancy) for years rent paid for specified/definite period
Estate from period to period fixed term lease/ indefinite duration
Estate at will lessor gives permission to lessee to use property
Estate at sufferance lease is expired, tenant holding over wrongfully
Holdover tenancy tenant remaining on property after lease void
Gross lease rent = fixed. owner pays property expenses
Net lease tenant pays everything except mortgage
Percentage lease base rent + % of sales
Ground lease long term lease for land
Sale leaseback owner sells to investor, leases from investor
Graduated lease escalator clause in rent
Index lease rent based on index (consumer price index) up/down
Lease-option lease with option to buy/release
Sandwich lease lease w/ sub lease
Anchor lease lease with major tenants (Macys, Target)
Proprietary lease lease in co-op tenant rents unit = personal property
Condemnation clause eminent domain cancels lease
Actual eviction tenant fails to perform obligation, sues for possession
Ejectment legal proceeding to regain property
Forcible entry&detainer action ejectment
Constructive eviction landlord fails to performs obligations, tenant can terminate lease sue for damages
Quiet enjoyment use of property without interference by lessor or others claiming superior title
Trade fixtures tenants personal property used in operation of tenants business. must remove by end of lease of belongs to lessor
Created by: bronny