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Landlord
Tenant
Holder of fee simple
Has right to exclusive use and possession during period of tenancy
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Tenancy for Years and termination
- Leasehold lasting for fixed period of time specificed in lease
- You know the termination date of lease
Termination: Automatically at specified end date, NO NOTICE required
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Periodic Tenancy
- Tenancy with NO definite end date
- Continualy renews for like period of time unitl one party terminates
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Ways Periodic Tenancy are Created
Express: to PJ on month to month basis beginning Novermber 1 2013
Implied: No mention of duration, but payment of rent is at intervals. Holdover tenant where rent is accepted
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Periodic Tenancy Continuous Renewal and Termination
Continuous Renewal: Lease automatically renews for like periods of time unless notice of termination provided
Termination: Is required, Notice of termination equal to length of tenancy period
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Tenancy at Will
Tenancy for no fixed duration, with NO provision for rent
Created:Express or Implied
Termination: Can be terminated at any time by either party, Death, 30 days notice
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Tenancy at Sufferance
- (holdover tenancy) Tenant remains in possession of property after the tenancy period has terminated
- Lessor can collect rent when there is no lease agreement
- CA(Tenant is a trespasser bc no right to remain on property)
- Termination: Eviction or creation of new tenancy term
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Gross Lease
- Tenant pays fixed amount paid each month
- No operating expenses paid
- Modified Gross: Landlord requires tenant to pay for utility costs
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Common Commerical Type: Percentage Lease, Triple Net Lease
Percentage: Tenant pays fixed base rent + % of revenue from business
NNN: Fixed amount + Operating Expenses (property tax, property insurance, property maintenance)
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CAM
Tenant pays prorated share of CAM
In lease: allocated space, when tenant leaves, right to audit
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Rent Control
Legal as longa s landlord can receive reasonable rate of return on its investment
Limiations: increases, how often, late fees, total amount charged
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Lease Provisions
Writing: if lease over a year than must be in wriritng (can be on napkin, letter, etc.)
INcludes: Names/Signatures, Property Description, term of lease, amount of rent
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Security Deposit
Maximum: 2 months for unfurnished, 3 months rent for furnished units
NO LIMIT for commercial leases
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Prepaid Rent
Landlords require tenants pre pay rent of months prior to taking possesion
CA: 6 months residential, NO commercial limites
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Residential Implied Warranty
Leased residential premises must be fit, safe, and sutiable
Violation is a material breach of the lease (tenant can abandon premise and sue for damagaes)
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Commerical Lease Implied Warranty
No warranty
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Implied Repair
Maintenanc: Landlord must keep premise in repair (not for minor reparis and required to take care of common areas)
Tenant has no duty to repair defects on premise
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