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22 Cards in this Set

  • Front
  • Back
contract transfering a property interest, or possession to a tenant, for a certain time
Demising clause
when possession takes pace
alows a lessee the right to use land for any purpose for a specified period of time.
option to renew
sets forth the method for renewal and the terms by which the renewal lease will exist.
rent control
owners entitles to raise rent up to 7.5% each year until they reach Maximum Base Rent (MBR)
rent stabilization
1947-1974 building or buildings removed from rent control. 6 or more units.
security deposit
for demage beyond wear and tear. held in escrow. For units of 6 or more, must be in interest-bearing account and the interest belongs to tenant.
transfer of the lease contract from the present tenant to the assignee. They now share the privity of the estate with the owner
sublessee pays the rent to the tenant and the tenant pays owner
return fo possession to the owner and removal of tenant and their possessions
actual eviction
removing tenant from proprty without court order
owner violates statutory law by physically removing the tenants and their belongings from the premises OR takes action to prevent tenant-acess to the premises
constructive eviction
the tenant is prevented from the quiet enjoyment of premises
gross lease
landlord pays all expenses
net lease
owner pays some or all expenses
tripple net lease
lessee pays all expenses
percentage lease (mostly commercial)
base rent plus additional monthly rent that is % of lessee's gross sales.
ground lease
long term lease of unimproved land, usually for construction purposes.
index lease
method of determing rent on long term leases based on interest rates that are based on economic indicators
graduated lese
rent chnges from period to period over the term lease. involve an escalation clause.
leases terminated by
expiration of lease term, mutual agreement, breach of condition, actual eviction, court-ordered eviction, or constructive eviction.