Leaseholds

Question 1

Re: Leaseholds
Definition: Leasehold

Answer 1

The transfer of possession of real property for either a determinate or indefinite period.

Question 2

Re: Leaseholds

What happens to the possessory rights when the leasehold ends?

Answer 2

The possessory rights revert to the original owner.

Question 3

Re: Leaseholds

What is a tenant?

Answer 3

One who holds a possessory estate in the land for a determinate period or at will by permission of another.

Question 4

Re: Leaseholds

Define Term of Years

Answer 4

Tenant owns present possessory estate for a Determinate period of time

Question 5

Re: Leaseholds

Define Periodic Tenancy

Answer 5

Tenant owns the present possessory estate for an indeterminable amount of time but characterized by periodic rent payments

Question 6

Re: Leaseholds

Define Tenancy at Will

Answer 6

The present possessory estate for is terminable at the will of either party

Question 7

Re: Leaseholds

List the types of waste

Answer 7

1. Voluntary (affirmative) waste
2. Permissive waste
3. Ameliorative waste

Question 8

Re: Leaseholds

When is a tenant responsible for voluntary waste?

Answer 8

When tenant intentionally or negligently damages the premise.
Includes exploration of minerals by tenant

Question 9

Re: Leaseholds

Under permissive waste what duty does the tenant have?

Answer 9

The tenant has the duty to make ordinary repairs to keep the property in the same condition the premies was in at the time the K was made.

Question 10

Re: Leaseholds

What remedy is available to the landlord if tenant fails to prevent permissive waste?

Answer 10

The tenant is liable to the landlord for damages sustained by the failure to prevent permissive waste, but not liable for the repair cost.

Question 11

Re: Leaseholds

What is ameliorative waste?

Answer 11

A tenants obligation to return the premise in the same nature and character as received. Which does not permit any substantial alterations to leased structures.

Question 12

Re: Leaseholds

Under ameliorative waste, what is the tenant liable for?

Answer 12

The tenant is liable for restoration cost associated with ameliorative waste.

Question 13

Re: Leaseholds

Define Assignment

Answer 13

The transfer of the party’s entire interest under the lease

Question 14

Re: Leaseholds

What are they type of restraint on the right of alienation?

Answer 14

1. Disabling Restraint
2. Forfeiture Restraint
3. Promissory Restraint

Question 15

Re: Leaseholds

Define Disabling Restraint

Answer 15

Prohibits alienation of the estate to render void any conveyance by the grantee

Question 16

Re: Leaseholds
Example of?
“to A but A shall not have the power to convey”

Answer 16

Disabling Restraint

Question 17

Re: Leaseholds

Define Forfeiture Restraint

Answer 17

The grantee loses his estate if he attempts to convey it.

Question 18

Re: Leaseholds
Example of?
“to A, but if A shall attempt to convey the property, then B”

Answer 18

Forfeiture Restraints

Question 19

Re: Leaseholds

Define Promissory Restraint

Answer 19

If the grantee covenants or contracts not to convey the estate.

Question 20

Re: Leaseholds
Example of?
“to A, but A covenants not to convey the property”

Answer 20

Promissory Restraint

Question 21

Re: Leaseholds

LL Remedies for Abandonment

Answer 21

• sue for back rent

- other damages

Question 22

Re: Leasehold

Define Surrender

Answer 22

Obligation to pay rent is terminated when landlord takes possession, where LL uses property for personal use.

Question 23

Re: Leaseholds

Constructive Eviction

Answer 23

When LL wrongfully pro forms or fails to preform some duty that the LL is obligated to perform that results in T’s substantial loss of use and enjoyment of the leased.