The term of a lease is immaterial in considering the

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Unformatted text preview: the possession of property to last the life of a person, or for a term of years or other fixed period, usually with the payment of rent. The contract must specify the period for which the lease is to endure, as well as the beginning and ending of the term. The parties to a lease are: • the lessor—the person granting the lease; and • the lessee—the person to whom it is granted. A leaseholder’s right to possession has always been held to be inferior to that of the freeholder’s right of ‘seisin’, the right to be paid rent for the land. The term of a lease is immaterial in considering the relative importance of the two interests in land, freehold or leasehold. C07 Define a lease PROPERTY AND MORTGAGES 33.12 What is a covenant? 874 PART 6 • • Leases may be seen as falling into two categories: those for periods of fixed or periodic duration; and tenancies at will and at sufferance. BUSINESS ORGANISATIONS AND THE LAW Classification according to duration Leases of fixed duration Leases can be of fixed duration but may be further sub...
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This document was uploaded on 04/23/2012.

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