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Unformatted text preview: entitles the mortgagee to
possession in the event of default only.
Compare a lease of real property with a
licence. Estates less than freehold estates are
called leasehold estates. Leases and licences
have to be distinguished in relation to land:
• A lease is a grant of possession of property
for a fixed term.
• A licence is an authority to do something
that would otherwise be illegal or
Define a lease. A lease is a contract granting
exclusive possession of property to a person
other than the owner for a certain period of
Outline the ways a lease may be
terminated. Leases may be terminated by:
• exercising an option in the tenancy
• surrender; or
• forfeiture as a result of:
– breach of a condition;
– breach of a covenant;
– disclaimer by the tenant; or
Failure to pay rent gives the landlord a right
of re-entry. PROPERTY AND MORTGAGES KEY POINTS CHAPTER 33 Save time and improve your results. To test your mastery of the content
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This document was uploaded on 04/23/2012.
- Three '12