Chapter 12 - Leases Flashcards
1
Q
A______ is both an instrument of conveyance and a contract between principal parties to uphold certain covenants and obligations. As a conveyance, a _____ conveys an interest, but does not convey legal title to the property.
A
A Lease
2
Q
This type of leasehold is most commonly used with commercial leases.
A
Estate for Years
3
Q
The following are all examples of…?
- Exclusive possession and occupancy
- Exclusive use
- Quiet enjoyment
- Profits from use
A
The tenants rights and obligations a lease conveys
4
Q
In New York there are no statutory rights to renewal. However, An _______ is a lease provision that gives the tenant the right to extend the lease for an additional period of time and sets forth the terms for the renewed lease.
A
Option to Renew
