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18 Cards in this Set
- Front
- Back
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Lease
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Legal document that transfers possession of real property from one party to another. The lease also may contain numerous terms and conditions involving the use and possession of the property
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Residential Lease
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A lease for the posession and use of a residence such as an apartment or a house
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Commercial Lease
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A lease for the possession and use of a business or commercial enterprise such as a retail store, warehouse, or office
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Landlord/lessor
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Generally the owner of real property who transfers possession and use of the real property under a lease to a tenant or lessee
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Tenant/Lessee
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Person who receives possession and use of property pursuant to a lease
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Lease Guaranty
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A legal document that obligates the maker of the document to perform the obligations of a tenant under the lease including, but not limited to, the payment of the rent by the tenant to the landlord
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Premises
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Land and the buildings located on the land. The term often is used to describe real property covered by a lease
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Rent
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Money paid by a tenant to a landlord for the use and possession of property pursuant to a lease
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Percentage Rent
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Rent baed on a percentage of sales from a specific location. Percentage rent often is found in retail store leases
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Percentage Breakpoint
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Level of gross sales made during a year at which time a percentage rent obligation will commence
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Radois Clause
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Clause contained ina lease that prohibits a tenant from operating another retail store or business within a certain geographical radius of the leased premises
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Gross Lease
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Lease wherein the tenant pays rent only; the operating expenses of the leased premises, such as taxes, utility costs, and insurance, are paid by the landlord
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Net Rent Lease
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Lease in which the tenant is responsible for all expenses of the leased premises, such as utilities, taxes, and insurance
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Subrogation
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Right to be substituted to the rights of another person. For example, an insurance carrier who pays a claim to the insured is given the rights of the insured to proceed against any party who caused the damage resulting in the claim
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Estoppel Certificate
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Written statement signed by either a landlord or a tenant swearing to certain facts concerning a lease
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Assignment
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With regard to a lease, it is when the tenant transfers all of his or her interest under the lease and retains nothing
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Sublet
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In regard to a lease, it is when the tenant transfers only a portion of his or her interest under the lease and the tenant retains some interest
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Subordination, Nondisturbance and Attornment
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An agreement usually entered into betwen a tenant and a holder of a mortgage on the leased premises wherein each party agrees to recognize the other in the event of a foreclosure of the mortgage. The mortgage holder also agrees not to terminate the lease or disturb the tenant's possession in the event of a foreclosure of the mortgage.
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