Oklahoma Precision Drafting Provision Dealing with Definitions Dating the Lease and Defining Terms

State:
Multi-State
Control #:
US-OL1053
Format:
Word; 
PDF
Instant download

Description

This office lease form states and lists the terms for the Demised Premises. It describes the number of lease years plus any partial lease year as well as the commencement of the lease term.

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FAQ

The Oklahoma Real Estate Development Act (REDA) provides a framework for the formation, management, powers, and operation of residential homeowners associations (HOAs). The Act applies to HOAs created after June 5, 1975.

A lease is a contract between two parties where one party, the lessor, allows the other party, the lessee, use of their property for a period of time in exchange for consideration, usually a monthly sum of money.

Leasing and renting are similar and sometimes used interchangeably, but there are some subtle differences between the two, like the length of tenancy. A lease is generally a long-term agreement while a rental agreement can be on a month-to-month basis.

Oklahoma is considered a "race-notice" jurisdiction, meaning that a subsequent purchaser for value (i.e. a subsequent bona fide purchaser) has a superior claim over a prior purchaser of the same interest if the subsequent purchaser (1) records before the prior purchaser and (2) at the time of the conveyance, the ...

A lease is a contract outlining the terms under which one party agrees to rent an asset?in this case, property?owned by another party. It guarantees the lessee, also known as the tenant, use of the property and guarantees the lessor (the property owner or landlord) regular payments for a specified period in exchange.

1. : a contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent. took out a five-year lease on the house.

Contracts. §15-139. Seal - Necessity for seal abolished. All distinctions between sealed and unsealed instruments are abolished.

A lease is a contract outlining the terms under which one party agrees to rent an asset?in this case, property?owned by another party. It guarantees the lessee, also known as the tenant, use of the property and guarantees the lessor (the property owner or landlord) regular payments for a specified period in exchange.

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Oklahoma Precision Drafting Provision Dealing with Definitions Dating the Lease and Defining Terms