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A rental agreement or lease may include a "rent review" clause which makes provision for the rental amount to be increased, the process for the landlord to provide notice of a rent increase and the options available to the tenant regarding acceptance or rejection of the proposed increase. [3]
In general, by paying the negotiated fee to the lessor, the lessee (also called a tenant) has possession and use (the rental) of the leased property to the exclusion of the lessor and all others except with the invitation of the tenant. The most common form of real property lease is a residential rental agreement between landlord and tenant. [7]
1. Carrying out some statutory powers or functions of local bodies such as evaluation, levy and collect government taxes, sanctioning building structure permits, removal of encroachments, and carrying on civic services in the industrial parks. 2. Officers are nominated to carry on the duties as per the powers designated by the State Government. 3.
Under an operating lease, the lessee records rent expense over the lease term, and a credit to either cash or rent payable. If an operating lease has scheduled changes in rent, normally the rent must be expensed on a straight-line basis over its life, with a deferred liability or asset reported on the balance sheet for the difference between ...
For instance, a lease might specify the rent to be $1000 per month, and then add a second step rent term of $20 per year to account for inflation. Depending on the methodology, the term might be a simple dollar term, or it might be a percentage increase. The later is sometimes known as CPI rent, referring to the consumer price index, or CPI.
Greater Los Angeles is the most populous metropolitan area in the U.S. state of California, encompassing five counties in Southern California extending from Ventura County in the west to San Bernardino County and Riverside County in the east, with the city of Los Angeles and Los Angeles County at its center, and Orange County to the southeast.
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