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When renting real estate, the person(s) or party who lives in or occupies the real estate is often called a tenant, paying rent to the owner of the property, often called a landlord (or landlady).
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100% Lease-up means that all Rental Units have been leased to income certified tenants and that leases have been completed and executed on or before a date to be agreed upon by the Owner and the Agent and specified in the Property Management Plan.
A lessor is the owner of an asset that is leased, or rented, to another party, known as the lessee.
A lessee is a person who rents land or property from a lessor. The lessee is also known as the tenant and must uphold specific obligations as defined in the lease agreement and by law. The lease is a legally binding document, and if the lessee violates its terms they could be evicted.