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Whats the purpose of a lease?

A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.

What does premises condition mean?

Condition of Premises typically establishes that as of the date of the lease, the space in question will be of a certain state (i.e. clean or empty of furniture) and can also provide the condition that the tenant only acquires the conditions specified in the lease, with no additional easements or special privileges.

What is the meaning of rent for premises?

Premises Rent means the rent paid by the Premises Tenant to the Lessee in respect of the Building; Sample 1.

Which of the following terms describes the lessors right to reclaim possession of the property at the end of a lease period?

A recapture clause is a component of a commercial lease contract that says the landlord may reclaim the property ahead of the leases expiration. The landlord may only reclaim the property following a trigger event, which is negotiated by the landlord and prospective tenant in advance.