UNIT 18 Leasehold Estates Flashcards Preview

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Flashcards in UNIT 18 Leasehold Estates Deck (49):
1

extinguish
[ɪk'stɪŋgwɪʃ]

юр. выплачивать, погашать; аннулировать

2

A lease

A lease is a contract between a lessor (the owner of real estate, or landlord) and a lessee (the tenant). A lease transfers the lessor’s rights to exclusive posses- sion and use of the property to the tenant for a specified period of time and estab- lishes the consideration the lessee is to pay rent for use of the property. Rent is a fixed, periodic payment made by a tenant of a property to the owner for possession and use, usually by prior agreement of the parties. Other rights and obligations of the parties are also set forth.

3

reversionary right

The landlord retains a reversionary right to posses- sion after the lease term expires.

4

leasehold (less-than-freehold) estate

A tenant’s right to possess real estate for the term of the lease is called a leasehold (less-than-freehold) estate. A leasehold is generally considered personal property. When the tenant assumes many of the landowner’s obligations under a lease for life or for more than 49 years, certain states give the tenant some of the benefits and privileges of ownership, such as the right to use the leasehold interest as secu- rity for a loan.

5

An estate (tenancy) for years

An estate (tenancy) for years is a leasehold estate that con- tinues for a definite period. That period may be years, months, weeks, or even days. An estate for years (sometimes called an estate for term) always has specific starting and ending dates. When the estate expires, the lessee is required to vacate the premises and surrender possession to the lessor. No notice is required to terminate the estate for years because the lease agreement states a specific expiration date.

6

continuity
[ˌkɔntɪ'njuːətɪ]


сущ.
1) непрерывность, неразрывность, целостность, связность

7

An estate (tenancy) from period to period

An estate (tenancy) from period to period, or periodic tenancy, is created when the landlord and tenant enter into an agreement for an indefinite time—that is, the lease does not contain a specific expiration date. Such a tenancy is created initially to run for a definite amount of time—for instance, month to month, week to week, or year to year—but the tenancy con- tinues indefinitely until proper notice of termination is given. Rent is payable at definite intervals. A periodic tenancy is characterized by continuity because it is automatically renewable under the original terms of the agreement until one of the parties gives notice to terminate

8

An estate (tenancy) at will

An estate (tenancy) at will gives the tenant the right to possess property with the landlord’s consent for an unspecified or uncertain term. An estate at will is a tenancy of indefinite duration; it continues until it is terminated by either party giving proper notice. No initial period of occupancy is specified, as is the case in a periodic tenancy. An estate at will is automatically terminated by the death of either the landlord or the tenant.

9

evict

выселять; удалять; изгонять, высылат

10

stipulate
['stɪpjəleɪt] 


гл.
1) ставить условием, обусловливать, оговаривать в качестве особого условия(stipulate for
) требовать

11

consent
[kən'sent]


1. сущ.
1) согласие
позволение, разрешение

12

sufferance
['sʌf(ə)r(ə)n(t)s] 


сущ.
1) терпеливость, терпение
позволение, разрешение

13

surrender

юр. отказываться от права

14

capacity
[kə'pæsətɪ]

способность
mental capacity умственные способности

15

objective

цель; стремление

16

mutual
['mjuːʧuəl], [-tjuəl] 


прил.
1) взаимный, обоюдный

17

An estate (tenancy) at sufferance

An estate (tenancy) at sufferance arises when a tenant who lawfully took possession of real property continues in possession of the prem- ises without the landlord’s consent after the right of possession has expired

18

Estate (tenancy) for
years

Estate (tenancy) for
years
■■ Any definite period

19

Estate from period to period (periodic tenancy):

Estate from period to period (periodic tenancy):
■■ Indefinite term
■■ Automatically renewing

20

Estate (tenancy) at will:

Estate (tenancy) at will:
■■ Indefinite term
■■ Possession with land-
lord’s consent

21

Estate (tenancy) at sufferance:

Estate (tenancy) at sufferance:
■■ Tenant’s previously lawful
possession continues without landlord’s consent

22

A nondisturbance clause

A nondisturbance clause is included in the financing instrument used to mort- gage leased premises. By accepting this provision, the mortgagee agrees not to terminate the tenancy of the lessee(s), so long as the lessee is current in payment of the required rent, should the mortgagee foreclose on the mortgagor’s building.

23

a renewal option

A lease may contain a clause that grants the lessee the privilege of renewing the lease (called a renewal option). The lessee must, however, give notice of intent to exercise the option.

24

called a purchase option

Some leases grant the lessee the option to purchase the leased premises (called a purchase option)

25

a right of first refusal

The lease might also contain a right of first refusal that allows the tenant the opportunity to buy the property before the owner accepts an offer from another party

26

gross lease

In a gross lease, the tenant pays a fixed rent and some or all of the utility expenses, while the landlord pays all taxes, insurance, repairs, any other utility expenses, and maintenance connected with the property (usually called property charges or operating expenses).

27

net lease,

In a net lease, the tenant pays all or most of the property expenses, such as hazard insurance, property taxes, and/or common area maintenance (CAM) charges, in addition to the rent

28

a percentage lease

Either a gross lease or a net lease may be a percentage lease. This type of lease is generally used for retail business leases.he rent is based on a minimum fixed rental fee plus a percentage of the gross income received by the tenant doing business on the leased property. The percentage charged is negotiable and varies depending on the nature of the business, location of the property, and general economic conditions.

29

A graduated lease

A graduated lease provides for specified rent increases at set future dates.

30

An index lease

An index lease allows rent to be increased or decreased periodically based on changes in the consumer price index or some other indicator.

31

sale-and-leaseback

n a sale-and-leaseback, the property owners sell the property and then lease it back for an agreed period and rental. The original own- ers pull out their equity to use on other projects and are also able to reduce their taxable income when they pay rent to the new owner. The new owner has a reli- able source of rental income for an extended time.

32

sufficient
[sə'fɪʃ(ə)nt] 


1. прил.
достаточный; обоснованный

33

ambiguity
[ˌæmbɪ'gjuːɪtɪ] 


сущ.
1) неопределённость, неясность; двусмысленность

34

preliminary
[prɪ'lɪmɪn(ə)rɪ] 
1. сущ.


1) преим. (preliminaries)
а) подготовительное, предварительное мероприятие

35

mitigate
['mɪtɪgeɪt] 


гл.
1) смягчать, уменьшать

36


clause
[klɔːz] 


1. сущ.
1) статья, пункт, условие; оговорка

37

eviction
[ɪ'vɪkʃ(ə)n]


сущ.
1) юр.
а) возвращение имущества по суду
б) лишение собственности по суду; эвикци

38

constructive eviction

If the leased premises become unusable for the purpose stated in the lease, the tenant may have the right to abandon them. This action, called constructive eviction, terminates the lease agreement.

39

ctual eviction

When a tenant breaches a lease or improperly retains leased premises, the landlord may regain possession through a legal process known as actual eviction.

40

mortgagor

barrower, gives paper to bank to get money

41

mortgagee

lender, relieves the money

42

distrain
[dɪ'streɪn]
гл.; юр.


накладывать арест на имущество в обеспечение долга

43

alienation

юр. отчуждение (имущества)

44

retaliation
[rɪˌtælɪ'eɪʃ(ə)n] 


сущ.
1) воздаяние, возмездие, кара; отплата, расплата

45

fee

абсолютное право собственности

46

at smb.'s discretion

— на чьё-л. усмотрение

47

encumber
[ɪn'kʌmbə], [en-] 


гл.
1) загромождать
The stage was encumbered with musical instruments. — Сцена была сплошь заставлена музыкальными инструментами.
Syn:
block up
2) усложнять
Syn:
complicate
3) задерживать, затруднять, мешать, препятствовать, стеснять
Syn:
hinder, prevent, prohibit, hamper, embarrass
4) обременять (долгами, моральными обязательствами)

48

ingress
['ɪngres]

LingvoUniversal (En-Ru)

сущ.
1)
а) вход, вхождение

49

egress
1. ['iːgres] 
сущ.


1)
а) выход; выезд;