REP_OH.16

REP_OH.16 - CM 426 - REP 16 LEASES I. LESSOR, LESSEE AND...

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CM 426 -- REP 16 LEASES I. LESSOR, LESSEE AND LEASES A. LESSOR IS THE OWNER 1. RETAINS REVERSIONARY RIGHTS -- RIGHTS TO POSSESSION AFTER THEM OF LEASE HAS EXPIRED 2. LESSOR’S INTEREST IS CALLED A “LEASED FEE ESTATE PLUS REVERSIONARY RIGHT.” B. LESSEE IS THE TENANT 1. RIGHT TO POSSESSION AND USE OF PROPERTY FOR SPECIFIED PERIOD OF TIME 2. OBLIGATION TO PAY RENT C. LEASE IS AGREEMENT WITH TWO CONTRACTS 1. CONVEYANCE OF AN INTEREST 2. CONTRACT TO PAY RENT AND ASSUME OTHER OBLIGATIONS D. STATUTE OF FRAUDS 1. TO BE ENFORCED, A LEASE MUST BE IN WRITING IF IT CANNOT BE PERFORMED WITHIN ONE YEAR FROM TIME IT IS ENTERED INTO 2. BEST PRACTICE IS TO PUT IT INTO WRITING, ANYWAY II. LEASEHOLD ESTATES A. “LESS-THAN-FREEHOLD ESTATE’ 1. GENERALLY CONSIDERED PERSONAL PROPERTY 2. EXCEPTIONS MIGHT BE LEASE FOR LIFE OR MORE THAN 99 YEARS
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B. ESTATE FOR YEARS -- ALSO KNOW AS ESTATE FOR TERM 1. CONTINUES FOR A DEFINITE PERIOD OF TIME 2. SPECIFIC STARTING AND ENDING DATES 3. NO NOTICE REQUIRED TO TERMINATE LEASE -- ENDING DATE DETERMINES TERMINATION 4. BREACH OF AGREEMENT ALLOWS EITHER PARTY TO TERMINATE 5. MUTUAL AGREEMENT CAN ALSO ALLOW TERMINATION C. ESTATE FROM PERIOD TO PERIOD (PERIODIC TENANCY) 1. AGREEMENT FOR AN INDEFINITE PERIOD OF TIME 2. NO SPECIFIC EXPIRATION DATE 3. PERIODS ARE DEFINITE -- MONTH-TO-MONTH,
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This note was uploaded on 01/11/2012 for the course CM 426 taught by Professor Markhutchings during the Winter '12 term at BYU.

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REP_OH.16 - CM 426 - REP 16 LEASES I. LESSOR, LESSEE AND...

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