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What are the premises of a lease?

Premises Lease means a lease, an agreement to lease, a sublease, a licence agreement and an occupancy or other agreement under which the Vendor has the right, or the Vendor has granted to another Person the right, to use or occupy any Leased Premises.

What is the legal definition of leased premises?

Leased Premise means the specific area of the Building, Land and/or Improvements, collectively, being leased by the Tenant, the boundaries and location of which are shown outlined in APPENDIX B: PLAN OF LEASED PREMISES attached hereto.

Is a pre lease binding?

Legal implications of a pre lease agreement: These agreements are legally binding contracts, obligating both parties to adhere to the outlined terms and conditions. Failure to comply can lead to legal disputes and penalties, emphasizing the importance of drafting a comprehensive and accurate pre lease agreement.

What does leased premises mean?

A leasehold property is a property that a lessee or tenant agrees to rent from a lessor for a predetermined period. Its like having a house for a set amount of time without owning the land. The leasehold premise eventually belongs to the propertys original owner.