What is a leasehold clause?
A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.
What does it mean to cure a default of a lease?
A “default” is a failure to comply with a provision in the lease. “Curing” or “remedying” the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
What does it mean to be 100% leased?
Related Definitions 100% Lease-up means that all Rental Units have been leased to income certified tenants and that leases have been completed and executed on or before a date to be agreed upon by the Owner and the Agent and specified in the Property Management Plan as set forth in Exhibit F.
What clauses should be included in a lease agreement?
5 clauses you must have in your rent agreement
- Amount of rent, security deposit, other payments.
- Duration of agreement and renewal criteria.
- List of fittings, fixtures.
- Registration of agreement.
- Restrictions.
What are the main clauses of a lease agreement?
– A Lessee has exclusive possession he can transfer his interest/right in property. – A Lease is transferable and heritable. Unless specified in the contract a sub-tenancy may be created. – Unless specified in the contract death does not terminate the lease.
How can I get out of my lease early?
Your options for getting out of a lease
- terminate the lease under a break clause;
- negotiate termination with the landlord;
- assign the lease – ie sell it to a new tenant;
- sublet the premises, or part of the premises.
What is the most common form of tenant default?
What is the most common form of tenant default? Failure to pay rent or maintain the premises.
Does defaulting on a lease hurt your credit?
Unpaid debt on a lease can not only negatively impact your credit, but it can make it difficult to qualify for a lease on a new apartment. Most landlords check applicants’ credit during their approval process and a history of unpaid debt from a broken lease may not reflect well on you.
What is the 95% gross-up lease?
That’s why the gross-up clause often will take any occupancy below 95% as if the building were 95% occupied (or fully occupied, as the lease may read). In our example, the one tenant occupying 50% of the building would pay $95,000 (representing the 95%) while the landlord would absorb the remaining $5,000.
Who benefits most from percentage lease?
Percentage leases can also benefit the property owner because they have the ability to choose the type of businesses and companies that are placed within the retail space. Accordingly, strategic leasing can attract more customers to the space, which gives the landlord the opportunity to negotiate a percentage of sales.
How can I get out of my rental agreement early?
In general, you can only end the tenancy early if your landlord agrees. Your landlord does not necessarily have to do so. You will remain responsible for paying the rent until the end of the tenancy contract or the next break clause point.
Is default the same as eviction?
The court can enter a default if you don’t respond in a court case. If your landlord gets a default judgment in an eviction case, you can be evicted without going to court. You can also have a judgment for money entered against you.
What is a default clause?
A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement.
How can I get out of my lease without ruining my credit?
How to Get Out of Your Car Lease Without Hurting Your Credit
- Transfer the lease. Many car leases enable you to transfer the lease to another person.
- Buy, sell, or trade.
- Give it back and pay the penalties.
What does condemnation mean in a lease?
Condemnation. If the Premises or any portion thereof are taken under the power of eminent domain or sold under the threat of the exercise of said power ( collectively “Condemnation”), this Lease shall terminate as to the part taken as of the date the condemning authority takes title or possession, whichever first occurs.
What is condemnation notice in mortgage law?
Condemnation. Borrower shall promptly give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of any Individual Property and shall cause Mortgage Borrower to deliver to Lender copies of any and all papers served in connection with such proceedings.
What are the rights of a borrower in a condemnation action?
Borrower shall promptly give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of any Individual Property and shall cause Mortgage Borrower to deliver to Lender copies of any and all papers served in connection with such proceedings.
What happens after the effective date of condemnation of property?
After the Effective Date, Seller agrees to give Purchaser prompt written notice of any knowledge of or notice of any taking by condemnation of any part of or rights appurtenant to the Real Property.