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14 Cards in this Set
- Front
- Back
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An Offer to Lease contains five essential terms:
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Parties 2.Place 3.Term 4.Commencement Date 5.Rent |
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______ typically insures the building The _____ typically insures the interior premises and contents Landlord will require tenant to insure against ______. |
The landlord tenant fire and damage to premises, liability, payment of rent and business interruption.
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Landlord’s responsibilities 3
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Landlord is only liable as expressly stated in lease • Landlord is usually responsible for structural repairs • Landlord is usually responsible for general non-premises repairs/ maintenance |
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Tenant’s responsibilities Usually limited to ______. Tenant should ensure that _____ •Improvements – tenant should avoid obligation to “______” or ______.
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the interior premises repair of structure is Landlord’s obligation defixture remove improvements |
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Most leases strictly control lease transfers If lease does not ______, there are no restrictions on tenant Typically, transfers are only allowed if _____. Some leases require landlords to act reasonably in granting consent; others permit landlord to arbitrarily withhold consent Original tenant usually remains _____ if assignee defaults |
expressly prohibit assignment or sublease Landlord consents liable after transfer
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Alberta has no _____legislation Landlords therefore have extensive _______. Most leases expand on those rights |
commercial tenancy common law rights
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Examples of Rights Included in Commercial Leases 5 |
Right of entry by Landlord on default Default will not necessarily result in termination Landlord has no obligation to re-lease Landlord can claim rent for balance of lease Landlord can sue for distress of rent unless or until lease is terminated |
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The purchase and sale of commercial properties is very similar to residential properties; however, there are additional considerations: 3 Another additional considerations is the _____* •(*Note: this is different than an Assignment of Rentals) |
Higher consideration ◦More complex searches ◦Additional contracts
ASSIGNMENT OF LEASES |
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When a commercial property is being purchased, contracts are often included as ______. Those contracts will be _____ to the purchaser. Person giving the contract right: _______ Person getting the contract rights: ______. |
part of the deal ASSIGNED ASSIGNOR ASSIGNEE
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If the commercial property being purchased is a rental property, the purchaser will most likely want the ______. The Vendor (_____) will assign the leases to the Purchaser (_____) All tenants must be given _____. |
rental agreements (leases) to continue ASSIGNOR ASSIGNEE notice of assignment of leases
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Notice to Tenants is prepared by the ______, informing the tenants that 2 |
Vendor’s lawyer the property is being sold and that rent will be payable to the Purchaser |
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periodic tenancy” means |
a tenancy under a residential tenancy agreement that is renewed or continued without notice, |
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fixed term tenancy” means a |
tenancy under a residential tenancy agreement for a term that ends on a day specified in the agreement; |
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What happens if no copy of lease for tenant within 30 days |
tenant may withhold payment of rent until the tenant is served with a copy of the residential tenancy agreement under subsection (1).
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