LEASE TERM Meaning and
Definition
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Lease Term refers to the specific duration or period of time for which a lease agreement is valid and binding between a landlord (lessor) and a tenant (lessee). It outlines the length of time the tenant is granted exclusive use and possession of the property as agreed upon in the lease contract.
The Lease Term is a crucial provision within a lease agreement that specifies the exact start and end dates of the tenancy. It may be expressed in months, years, or any other agreed-upon timeframe, such as weeks or even days. Additionally, the Lease Term may include conditions regarding renewal options, notice periods, or termination clauses, depending on the agreement between both parties.
In commercial leases, lease terms are often longer, lasting several years or even decades, enabling businesses to establish a stable location for their operations. Residential lease terms, on the other hand, are typically shorter, ranging from months to a few years.
The specific terms and conditions of a lease term are detailed in the lease agreement, which typically includes important information like the rent amount, security deposit, maintenance responsibilities, and any other provisions agreed upon by both parties.
It is crucial for both landlords and tenants to thoroughly review and understand the lease term before signing the agreement in order to ensure clarity, avoid misunderstandings, and protect their respective rights and obligations during the tenancy.
Common Misspellings for LEASE TERM
- kease term
- pease term
- oease term
- lwase term
- lsase term
- ldase term
- lrase term
- l4ase term
- l3ase term
- lezse term
- lesse term
- lewse term
- leqse term
- leaae term
- leaze term
- leaxe term
- leade term
- leaee term
- leawe term
- leasw term
Etymology of LEASE TERM
The word "lease" can be traced back to the Middle English term "lese" which means "to gather, pick, or choose". It is derived from the Old Norse word "lesa" which means "to gather or glean". The term "term" comes from the Latin word "terminus" which means "end or boundary". Thus, the etymology of the phrase "lease term" is a combination of these two words, referring to the designated period or duration of a lease agreement.
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