Term of lease Flashcards
(6 cards)
1
Q
what is meant by the term of the lease?
A
the duration of the lease
2
Q
what are the possible terms of lease?
A
- Fixed
- Periodic
- At will
3
Q
explain a fixed term lease
when does the lease end?
A
tenancy runs for a set period
Lease ends automatically at end of term
Longer lease might inc. break clause
4
Q
what is a break clause?
A
allows for early termination of lease. Terms of this will be in the lease.
5
Q
explain a periodic lease
when does the lease end?
A
runs from one period to the next until one party serves an NTQ
6
Q
explain an at will lease
when does this end?
A
runs indefinitely
can be terminated at any time by either party
