CH 4 Flashcards
CAM?
Common area maintenance
A purchaser of a commercial building would want the tenant to furnish a
Estoppel certificate
Estoppel certificate
It is a document designed to give third party critical information on the relationship between your landlord and you as a tenant.
When a perspective tenant has had credit problems, a lessor is most likely to request a
Guarantor
Guarantor
Guarantor in a rental agreement is someone who signs their name to the contract and agrees to pay if the tenant is not able to pay
A hold-harmless clause would likely be enforceable by a lessor of
Residential Property
What is a hold-harmless clause?
A hold harmless clause is a statement in a legal contract stating that an individual or organization is not liable for any injuries or damages caused to the individual signing the contract.
A clause that discourages a tenant from remaining in possession after the lease expires would be a
Holdover clause
What is a Holdover clause?
Lease holdover occurs when a tenant continues to remain in possession of the leased property after the lease expires or terminates. The Holdover clause of an office lease usually specifies whether “holding over” is permitted, and at what increase in rent
Joint tenants are in default, whom can the lessor sue?
Either or both.
The tenant hires a contractor to remodel a store. The lessor would be concerned with-
A notice of non-responsibility
A notice of non-responsibility
The notice of non-responsibility shields the owner from any lien stemming from the failure to order labor or supplies necessary to complete the project. This notice is used by landlords with tenants who do improvements on their property.
The right to cancel a lease when the tenant’s sales are not up to expectations would be set fourth in the
Recapture clause
Recapture clause
A provision usually found in percentage leases, especially in shopping-center leases, giving the landlord the right to terminate the lease - thereby recapturing the premises - in the event the tenant does not maintain a specified minimum amount of business.
In CA, boldface eight-point type face would most likely be required in a residential lease that provides for
Automatic renewal if no notice is given
Sales over the first tier of a percentage lease would likely lower by how much?
2%
A tenant has a right to buy the property from a lessor, but this right only applies should the lessor decide to sell to another. If the lessor is not obligated to sell, this right would be an
Right of first refusal.
What does this address in a lease: Arbitration
It provides for mandatory consensual binding arbitration of lessor/lessee disputes
What does this address in a lease: Complete agreement
The parties acknowledge that there is no agreement other than is set forth in the lease.
What does this address in a lease: Fixtures
It may provide what is (or isn’t) a fixture and removal rights, if any.
