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A Lease-Purchase Contract, also known as a lease purchase agreement or rent-to-own agreement, allows consumers to obtain durable goods [1] or rent-to-own real estate [2] without entering into a standard credit contract. [1] It is a shortened name for a lease with option to purchase contract.
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.
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.
On March 1, 2018, the two lease areas were administratively merged into a single lease area referred to as OCS-A 0490. [5] On May 11, 2017, US Wind won an Offshore Renewable Energy Credit (OREC) award from the Maryland Public Service Commission, enabling it to develop 248 megawatts (MW) of offshore wind in its lease area.
For lease contracts, without the inclusion of an acceleration clause in a lease, a landlord's right to sue for damages for breach of a lease may accrue on the date the termination date of the lease. With an acceleration clause a landlord may be able to sue for damages when a breach of the lease agreement occurs. [5]
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