WHAT IS A LEASE? - Understanding Commercial Leases - Part 1
Here is Part 1 of a multi-part series on Understanding Commercial Leases.
Let's start at the beginning with some basic background info.
What is a Lease?
A lease is a CONTRACT by which one CONVEYS real estate, equipment or facilities for a SPECIFIED TERM and for a SPECIFIED RENT.
CONTRACT - A legally enforceable, binding agreement between 2 or more persons or parties
CONVEY - To transfer or deliver to another
SPECIFIED TERM - A limited or definite period of time
SPECIFIED RENT - An agreed sum, paid at fixed intervals, made by a tenant or occupant of property, to the owner, for POSSESSION and USE of the property
LANDLORD / LESSOR - Owner of property that is leased or rented to another
TENANT / LESSEE - One who holds or possesses property owned by another
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