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The agreement called for annual lease payments of $7,500 plus $50 for expenses, and for the lessors to pay the interest on the LMR's $75,000 bonded debt. The Michigan Central was to operate the line and divide earnings and expenses evenly with the Lake Shore. [6] At that time, the LMR's 7.96-mile (12.81 km) route encircled the city. [7]
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In 1986, the city signed a lease agreement to operate the Downtown Shopping Mall and convert it into a conference and visitor's center; the investment was unsuccessful and cost the city $3 million. [6] He was succeeded by Delbert J. Schrems who was named by the City Council after winning election with the campaign slogan "Balance the Power". [3]
In order to rent or lease in many apartment buildings, a renter (also referred to as a “lessee") is often required to provide proof of renters insurance before signing the rental agreement. There is a special type of the homeowners insurance in the United States specifically for renters — HO-4.
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.
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