This office lease form states and lists the terms for the Demised Premises. It describes the number of lease years plus any partial lease year as well as the commencement of the lease term.
North Dakota Precision Drafting Provision Dealing with Definitions Dating the Lease and Defining Terms
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Multi-State
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US-OL1053
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How to fill out Precision Drafting Provision Dealing With Definitions Dating The Lease And Defining Terms?
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FAQ
An estate for years is one which is to continue for a definite period fixed in advance by agreement between landlord and tenant. The name is somewhat misleading because the period may be for less than a year, measured in specific days, weeks, or months.
Term of lease. The lease term is that period of time during which the tenant may occupy the premises.
An estate for years is also known as a tenancy for years. Some of the main characteristics of an estate for years include: The term must have a beginning date and an end date. The tenant can only use the property for the specified period agreed upon in the lease agreement.
Gross Lease Gross leases are most common for commercial properties such as offices and retail space. The tenant pays a single, flat amount that includes rent, taxes, utilities, and insurance. The landlord is responsible for paying taxes, utilities, and insurance from the rent fees.
The estate for years agreement is also called estate for the term because the lease contract must have a fixed start and end date of occupancy. The estate for years is a rental agreement between tenant and landlord that does not require notification of vacating, since the expiration date has already been agreed upon.
Estate from period to period: A monthly tenancy that has no specified end date. A party must give notice to end this type of agreement. Estate at will: An estate at will has no specified periods or dates attached to it.
