Contract Rent refers to the amount of rent that has been explicitly stipulated in a lease agreement between a tenant and a landlord.
Demised Premises refers to the property or section of property that is subject to a lease agreement. This term is commonly used in real estate and rental contracts, identifying the specifics of the leased property.
An escalator clause is a provision in a contract that allows for cost increases to be passed on to one of the parties involved. This is typically seen in contracts such as employment agreements and leases.
A type of lease agreement that includes predetermined rent increases at specified intervals.
A landlord is a property owner who rents out their property to another party, known as the tenant, in exchange for rent. The landlord retains ownership of the property while granting the tenant the right to use it as specified in a lease agreement.
A financial arrangement where the owner of an asset sells it but retains the right to use it through a lease agreement, effectively raising funds while maintaining the use of the asset.
The lessee is an individual or entity that rents or leases an asset or property from another party (the lessor) for a stipulated period and at an agreed price.
A lessor is an individual or entity that grants a lease to another party, allowing them to use an asset for a specified period in exchange for periodic payments. Lessors are commonly involved in real estate, equipment leases, and other forms of property or assets.
A Master Lease is a primary lease agreement in which the lessee (tenant) holds significant control over the leased property, and it sets the terms under which the lessee can sublease the property to a subtenant.
A month-to-month tenancy is a lease agreement that allows tenants to reside in a property on a month-by-month basis, with the option to extend or cancel the agreement at the end of each month.
A Percentage Lease is a lease agreement where the rental payment is based on a percentage of the tenant's sales volume made at the leased property, often with a stipulated minimum rent. This type of lease is frequently used by retailers.
A primary lease refers to the initial lease agreement established between an owner (landlord) and a tenant, which may then be sublet by the tenant to another party.
A proprietary lease is a type of lease agreement used in cooperative housing that grants a shareholder the right to occupy a specific apartment unit within the cooperative building.
A reappraisal lease is a type of lease agreement where the rental level is periodically reviewed by independent appraisers to ensure the lease payments reflect the current market value.
A relocation clause is a stipulation in a lease agreement that allows the landlord to move the tenant to another unit within the same building.
A renewal option is a provision in a lease agreement that grants the tenant the right, but not the obligation, to continue renting the property under specified terms and conditions, including rent, for an additional period.
The periodic charge per unit for the use of a property. The period may be a month, quarter, or year. The unit may be a dwelling unit, square foot, or other unit of measurement.
The revaluation clause, also referred to as a reappraisal lease, is a provision in a lease agreement that allows for periodic reassessment of the rental value of the leased property. This clause is often used to ensure that rental payments reflect the current market value of the property, protecting the interests of both the landlord and the tenant.
A reverse premium, also known as a lease incentive, is a cash payment made by the lessor to the lessee to encourage the latter to enter into a lease agreement.
A step-up lease, also known as a graduated lease, is a type of lease agreement where the rental rate increases at specified intervals throughout the term of the lease.
A clause in a lease agreement that stipulates the amount of operating expenses above which the tenant is required to pay. It protects the lessor by ensuring that any increase in operating expenses is covered by the tenant once a predefined threshold is reached.
A sublease is a rental arrangement in which the original tenant leases out part or all of the rented property to a new tenant.
Subletting refers to the act of a tenant leasing out part or the entirety of a property to another party under the conditions of their own lease agreement with the landlord.
A clause in a lease agreement that limits the lessor's obligation to pay property taxes above a certain specified amount, ensuring that any tax increases above this threshold are the responsibility of the lessee.
A tenant is an individual or entity who leases or occupies a premises, land, or estate under various terms and rights.
Understanding the different applications of the term 'vacate' in real estate, law, and other contexts.
