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This is waivable by either party, and often is by landlord with boiler plate lease documents. Sublease and assignment are often used interchangeably but are different concepts. Assignment is the transfer of the right of possession for the rest of the original tenant's term to the assignee.
Assignment [a] is a legal term used in the context of the laws of contract and of property. In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee. [1] An assignment may not transfer a duty, burden or detriment without the express agreement of the assignee.
The narrower term 'tenancy' describes a lease in which the tangible property is land (including at any vertical section such as airspace, storey of building or mine).A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant's lease, often in order to secure a low rent, in long leases termed a ground rent.
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]
The distinction that creates an intended beneficiary is that one party—the "promisee"—makes an agreement to provide some consideration to a second party—the "promisor"—in exchange for the promisor's agreement to provide some product or service to the third-party beneficiary named in the contract.
The area under an elevated Los Angeles freeway that burned last weekend, damaging a section of a key thoroughfare in the car-dependent city, was stacked with flammable materials on lots leased by ...
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