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A lease is a contractual arrangement calling for the user (referred to as the lessee) to pay the owner (referred to as the lessor) for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased.
Here's a list of common fields that should be covered in your lease agreement: Basic information about all tenants. Include the full name and contact information of each tenant. ... Description of rental property. ... Security deposit. ... Monthly rent amount. ... Utilities. ... Lease term. ... Policies. ... Late fees.
The Tenant shall have the right to place signage, subject to the Landlord's approval of such signage such approval not to be unreasonably withheld, on such exclusive parking spots identifying them as Tenant's designated exclusive parking spaces for use only by the Tenant, its employees and invitees.
The Residential Rental Agreements Act is set out in G.S. Chapter 42, Sections 38 to 44. This law, which was passed in 1977, re-wrote the common law to provide that landlords must maintain residential rental premises to be fit to live in, and to make clear that a tenant's right to such housing cannot be waived.
3.1 Tenant agrees to pay to Landlord the Annual Rent in effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Term, except that the first full month's rent shall be paid upon the execution of this Lease.
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.
For month-to-month leases, there must be seven days of notice. For year-to-year leases or those with other definite terms, landlords must notify the tenant, or vice versa, within a month of the end of the lease. On leases lasting between one week and one month, notice must be given at least two days in advance.
A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.