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* Commercial
lease agreement - Retail
A
lease or tenancy is the right to use or occupy personal property or real property
given by a lessor to another person (usually called the lessee or tenant) for
a fixed or indefinite period of time, whereby the lessee obtains exclusive possession
of the property in return for paying the lessor a fixed or determinable consideration
(payment). There are different
types of ownership for land but, in common law states, the most common form is
the fee simple absolute, where the legal term fee has the old meaning of real
property, i.e. real estate. An owner of the fee simple holds all the rights and
privileges to that property and, subject to the laws, codes, rules and regulations
of the local law, can sell or by contract or grant, permit another to have possession
and control of the property through a lease or tenancy agreement. For this purpose,
the owner is called the lessor or landlord, and the other person is called the
lessee or tenant, and the rights to possess and control the land are exchanged
for some payment (called consideration in legal English), usually a monthly rent.
Although leases can be oral agreements that are periodic, i.e. extended indefinitely
and automatically, written leases should always define the period of time covered
by the lease. In the 1930s, the British government introduced infinite leases,
only to remove the power to create these in the early 1990s. A lease may be: - a
fixed-term agreement, in other words one of these two:
- for a specified
period of time (the "term"), and end when the term expires;
- conditional,
i.e. last until some specified event occurs, such as the death of a specified
individual; or
- a periodic agreement, in other
words renewed automatically
- usually on a monthly or weekly basis
- at
will, i.e. last only as long as the parties wish it to, and be terminated without
penalty by either party.
Because ownership
is retained by the lessor, he or she always has the better right to enforce all
the contractual terms and conditions affecting the use of the land. Normally,
the contract will be express (i.e. set out in full and, hopefully, plain language),
but where a contract is silent or ambiguous, terms can be implied by a court where
this would make commercial sense of the transaction between the parties. One important
right that may or may not be allowed the lessee, is the ability to create a sublease
or to assign the lease, i.e. to transfer control to a third party. Hence, the
builder of an office block may create a lease of the whole in favour of a management
company that then finds tenants for the individual units and gives them contro.
Size
: 95.5 kb
Words : 4203
Pages : 8
Language : English
Document type
: .doc (Microsoft Word)
DOWNLOAD
"COMMERCIAL LEASE AGREEMENT - RETAIL", CLICK HERE 
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