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Unit#16
Leases
| Term | Definition |
|---|---|
| Actual Eviction | The legal process that results in the tenant's being physically removed from the leased premises |
| Constructive Eviction | Actions of a landlord that so materially disturb or impair a tenant's enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent. |
| Estate (Tenancy) At Sufferance | The tenancy of a lessee who lawfully comes into possession of a landlord's real estate but who continues to occupy the premises improperly after the lease rights have expired. |
| Estate (Tenancy) At Will | An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite. |
| Estate (Tenancy) For Years | An interest for a certain, exact period of time in property leased for a specified consideration. |
| Estate (tenancy) From Period To Period | An interest in leased property that continues from period to period—week to week, month to month, or year to year. |
| Gross Lease | A lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. |
| Holdover Tenancy | A tenancy whereby a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant's continued occupancy as defined by state law. |
| Lease | A written or oral contract between a landlord (the lessor) and a tenant (the lessee) that transfers the right to exclusive possession and use of the landlord's real property to the lessee for a specified period of time and for a stated consideration (rent |
| Lessor | A landlord |
| Lessee | A Tenant |
| Month-to-month Tenancy. | A periodic tenancy under which the tenant rents for one month at a time. In the absence of a rental agreement (oral or written), a tenancy is generally considered to be month to month. |
| Net Lease | A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs. |
| Nondisturbance Clause | A mortgage clause stating that the mortgagee agrees not to terminate the tenancies of the lessees in the event the mortgagee forecloses on the mortgagor-lessor's building. |
| Percentage Lease | A lease, commonly used for commercial property, whose rental is based on the tenant's gross sales at the premises; it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount. |
| Purchase Option | Some leases grant the lessee the option to purchase the leased premises. This option normally gives the tenant the right to purchase the property at a predetermined price within a certain period, possibly the lease term. |
| Renewal Option | A clause in a lease that grants the lessee the privilege of renewing the lease. |
| Reversionary Right | The return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease. |
| Right Of First Refusal | A clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party. |
| Security Deposit | A payment by a tenant, held by the landlord during the lease term, and kept (wholly or partially) on default, or on destruction of the premises by the tenant. |
| Sublease | The leasing of premises by a lessee to a third party for part of the lessee's remaining term |
Created by:
jozie723
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