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URE-LEASES

QuestionAnswer
Actual eviction The legal process by which a lessor evicts the lessee and regains possession of the property.
Assignment of Lease A contract that substitutes a new tenant in the lease. The assignee becomes liable for the remaining term of the lease. Unless prohibited by the lease contract, this can be done without the approval of the lessor, but the original lessee retains second
Constructive Eviction When the landlord violates the terms of the lease by not keeping the property liveable or habitable, the tenant can legally vacate the property and not be held liable for further rent payments.
Escalation clause A clause written into a loan or lease that allows for payments to be increased at specified times by stated amounts.
Estate or Tenancy for Years A lease which contains a termination date. Its term can be for any agreed-upon period of time. (It can be more or less than one year.)
Estovers The right of a tenant to use natural resources on leased land, such as timber, water, etc. when required as necessities.
Flat Lease The lessee makes periodic, equal rent payments.
Graduated lease A lease where the rent will increase periodically in amounts specified in the lease, as contained in the escalation clause.
Gross Lease The tenant pays a set amount of rent. From this rent, the lessor is required to pay some or all operating expenses.
Ground Lease The landlord leases the land to the tenant, and the tenant builds the improvements on the leased land.
Habitability clause If not actually written in the lease, there is a written or implied warrant of this in every lease, that says the property is liveable.
Holdover tenant The tenant had an estate for years which has now terminated. The lessor accepted a rent check so now the tenant is on periodic tenancy basis.
Incorporeal Rights Intangible or non-possessor rights in real property, such as easements, licenses, mining claims, etc.
Index Lease Rent payments are periodically adjusted based on an economic indicator, such as the consumer price index.
Lease A contract for a less-than-freehold estate or right in real property. Rent is paid for the right of possession in someone else's property.
Less Than Freehold An estate or legal interest in real property that is a less than ownership interest.
Net Lease The tenant pays the landlord rent
Non-disturbance Clause A clause in a mortgage which protects the rights of the lessee if the property should be foreclosed by the lender upon the owner's default.
Notice to Quit The action a lessor must take against a tenant before filing an Unlawful Detainer action with the courts.
Percentage Lease A lease used in commercial leasing. The tenant pays a percent of the net or gross income derived from the use of the property, or the tenant may be paying a flat rate plus a stated percent of the gross or net income.
Periodic Tenancy A lease which automatically renews itself. The period for legal notice is established by statute in each state, or can be agreed upon as one of the terms of the lease (15 days in Utah).
Proprietary Lease Sometimes called an "owner's" lease. It is held by a person who owns shares in a stock cooperative. They own personal property which entitles them to the proprietary lease.
Reappraisal lease A lease wherein the rent is determined by a periodic re-evaluation of the property's value.
Rooftop Lease This lease is used when the tenant only wants to rent the top of the building.
Sale & Leaseback An owner sells a property, then leases it back from the new owner, thus obtaining capital for other activities and the purchaser obtaining a stable lessee.
Sublease A lease given by the original lessee. The lessee remains fully liable to the lessor. The lessee pays rent to the lessor or landlord, and collects rent from the sublettee.
Tenancy at Sufferance The lease has expired and the lessee is now possessing the property illegally, having been given proper notice to vacate. It is similar to trespassing except that the lessee, at one time, held a legal lease.
Tenancy at Will A lease which requires little or no notice of termination. It is used in special circumstances wherein both the lessor and lessee agree that the lease can be terminated by either party. It is of uncertain duration.
Unlawful Detainer The legal action a landlord brings against the tenant to evict when there is legal cause.
Vertical lease A lease for either air rights or subterannean rights (such as oil).
Writ of Restitution or Writ of Eviction The order the judge gives for the sheriff to evict a tenant and restore the premises to the lessor in an eviction action.
Created by: ryan0099
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