Leases Flashcards
1
Q
Lease
A
Possession but not ownership from Lessor to Lessee,
Considered personal property
2
Q
Percentage Lease
A
Is based on a percentage of gross receipts
3
Q
Net Lease
A
Tenant pays taxes, insurance and maintenance
4
Q
Gross Lease
A
Tenant pays fixed amount
5
Q
Sandwich lease
A
Primary party is the lessee and a lessor
6
Q
Subleases
A
Grants possession but not responsibility
7
Q
Assignment
A
Grants possession and responsibility
8
Q
Surrender
A
Agreement to return property back to landlord before lease ends
9
Q
Constructive Eviction
A
Landlord fails to do something that they have a legal duty to provide
