This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
District of Columbia Contract for the Lease of Personal Property
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FAQ
A lessor is the owner of an asset that is leased, or rented, to another party, known as the lessee. Lessors and lessees enter into a binding contract, known as the lease agreement, that spells out the terms of their arrangement.
A Lease Deed is a contract between the lessor (owner of the property) and the lessee (the tenant of the property) for the use of the said property on a lease rental basis. It is similar to a rent agreement between a landlord and a tenant, but is usually executed for a longer time period- at least more than one year.
What Is a Land Lease Option? A land lease option is a clause in a real estate contract that grants the renter or lessee the right, but not the obligation, to extend his or her use of a property beyond the term specified in the contract.
What the case law says on the essential elements of a lease. A lease (also known as a tenancy) is a grant by a landlord to a tenant for the right to use land, usually for a specified period of time and in exchange for the payment of rent.
A lease is classified as a finance lease if it transfers the ownership of assets to the lessee. The example of finance lease may be the car lease in which lessee makes periodic payments to the lessor and after a specific period of time say after five years, the possession of car is transferred to the lessee.
The Deed of Lease will contain usual covenants to be given by the Lessee and Lessor and other usual terms and conditions provided that there will be no restriction on the Lessee's right to assign the lease and the Deed of Lease will also contain a condition that on the determination of the Lease by efflux of time or
The owner shall have rights to terminate the tenancy if the tenant fails to pay the rent regularly for a consecutive period of two months or commits breach of any of the terms herein and take possession for the premises without notice.
Pay rent when due. Be considerate of the landlord's and other tenants' rights. Not destroy, damage or deface the premises, or allow anyone else to do so. Keep the premises as clean and sanitary as the condition of the premises permits.
Contents of a lease agreementAmount of rent and due dates, grace period, late charges. Mode of rent payment. Methods to terminate the agreement prior to the expiration date and charges if any. Amount of security deposit and the account where it is held.
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.