Massachusetts Lease Agreement regarding lease of building and premises between Continental, Inc. and Birthday Express, Inc.
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How to fill out Lease Agreement Regarding Lease Of Building And Premises Between Continental, Inc. And Birthday Express, Inc.?
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FAQ
For example, the original tenant might have put holes in the wall to make a new passageway or undertaken other major work on the property. At the end of the lease, the new tenant must fix those issues and return the property to the condition that it was in at the start of the lease.
An automatic renewal term is a lease period that renews every month, six months, or year for the same length of time. This arrangement continues until the landlord or tenant terminates the lease.
A notice of default is a statement sent by one contract party to notify another that the latter was in default by failing to fulfil the terms of an agreement and a legal action would follow if the latter continue to default.
Here is an example of a rent amount clause in a lease: "The Tenant agrees to pay $12,000 as rent, to be paid as follows: $1,000 per month, due on the 1st day of each month. Payment of the first month's rent and any security deposit is due upon the signing of this Lease by the Tenant.
Borrower certifies that the Borrower and the Guarantors are and will be in compliance with all covenants under the Loan Documents after giving effect to the making of the Loan requested hereby and no Default or Event of Default has occurred and is continuing.
Material default legal definition refers to a party's failure to honor the clauses in a contract. A contract is, by definition, a set of clauses that the signing parties agree to fully fulfill. When that does not happen, it is considered a breach of contract and may result in legal action.
Commercial leases require an effective default clause that allows the landlord to force a tenant to comply with all lease obligations. The default clause commonly provides the procedure for obtaining an eviction or the threat of an eviction for a commercial tenant's violation of the lease.
For example, failing to deliver goods or services on time, or failing to pay on time would trigger a default. Often, these provisions enable the non-defaulting party to cancel the contract, but often these provisions set forth the conditions which must first arise.