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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.
Whether any damage is caused inside or outside the property, the landlord should have buildings and contents insurance to cover it. If the insurer will not pay for the remedial repairs, ultimately it is still the landlord's responsibility to pay, unless it can be proven that the damage is caused by the tenant.
Definitions. The Premises describes what is being leased. At minimum, this means the land, but can also include buildings and other infrastructure such as greenhouses, wells, and fencing. Leased equipment could be part of the Premises, or could be contained in a separate lease.
1 : a statement or idea taken to be true and on which an argument or reasoning may be based. 2 premises plural : a piece of land with the buildings on it.
Taking legal action Where a landlord pursues Court proceedings and secures a Possession Order or separate money judgment against the tenant the Court bailiff can be asked to seize the debtor's goods to help satisfy the debt. This can help address the issue of possessions being left behind.
The Use of Premises clause states a few rules about how the property is used. For one, it says the property should be for residential purposes only and not for an at-home business.
Essential Lease Clauses In Your California Rental AgreementRental Agreement vs. Lease.Ownership of Inhabitancy.Mode of Communication.Description of Rental Property.Rent.Deposits & Fees.Repairs and Maintenance.Restricting tenant's illegal activities.More items...?
An owner of real property, who allows another to take temporary possession through a lease. landlord & tenant. property & real estate law.
In the event of any assignment of a Leasehold Mortgage or in the event of a change of address of a Leasehold Mortgagee or of an assignee of a Leasehold Mortgage, notice of the new name and address shall be provided to Lessor. See All (23) Notice to Lessor.
Sub-Clauses The Premises, the Building, the Common Areas (as defined below), the land upon which they are located, along with all other buildings, improvements, and land located within the boundaries depicted on Exhibit A as the Project, are herein collectively referred to as the Project.