This document is a short lease form for the premises described within the Agreement. The lessor, in consideration of the covenants of lessee, leases and demise unto the lessee, and lessee agrees to take and lease from the lessor, for the term specified, the premises described in Exhibit A which is incorporated by reference.
Long Term Lease With Option To Buy In Philadelphia
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Multi-State
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Philadelphia
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US-00448
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For example, a tenant and landlord may agree to a five-year lease with a five-year option to renew. At the end of the first five years, the tenant is given the chance to continue the lease for another five years. If you think you may renew, be sure to bring up extension provisions with your landlord.
Related Definitions Annual Lease Payments means, for each 12-month period ending on August 1, the total Lease Payments due in such period.
Generally 48 months is the ``sweet spot'' for leasing, but if you want a newer car - sooner - then go for the 36 month lease instead.
As a tenant, you are legally responsible for the lease agreement that you signed with the landlord and property owner. While you can choose to live with someone who is not on the lease, some potential complications and risks come with this choice. The landlord could choose to have the non-tenant evicted.
An option clause is a term in a commercial lease that allows a tenant to renew their lease at the end of the original lease period, if they meet certain conditions. Landlords are not obliged to offer a renewal option.
For example, a tenant and landlord may agree to a five-year lease with a five-year option to renew. At the end of the first five years, the tenant is given the chance to continue the lease for another five years. If you think you may renew, be sure to bring up extension provisions with your landlord.
“They just sign whatever they're given by the landlord, but leases are typically open to negotiation,” he says. Even worse, many businesses do without a lease altogether, renting their space on a monthly basis.