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A commercial leasing agreement is also called a commercial property, commercial real estate, business, industrial, and office space lease. [1] The individual in ownership of the property to be rented is called the lessor or landlord. [2] The lessee or tenant uses and rents the property owned by the lessor and provides them with monetary ...
Highway Properties Ltd v Kelly, Douglas and Co Ltd [1] is a leading Canadian property law case concerning commercial landlord-tenant relationships decided by the Supreme Court of Canada. The decision imported the contract law concept of repudiation and recovery for prospective damages into property law. This gave landlords the right to sue a ...
In finance, law, and insurance, rescission is the termination of a contract from the beginning (as if it never existed), rendering it void ab initio. In 2009, one judge ruled that borrowers who refinanced into an adjustable-rate mortgage could force a bank to rescind mortgage loans if it acted similarly inappropriately. [ 9 ]
Coming to a mutual agreement: In some cases, simply asking the buyer to cancel the contract may work. If the seller doesn’t have cause, the buyer is not required to agree, but it doesn’t hurt ...
A break clause is a term in a contract that allows early termination of the contract before the default end date. In accordance with English property law, such clauses are typical in tenancy agreements, so as to allow a tenancy to come to an end before the end date stated in the agreement. [1]
In contract law, extinguishment is the destruction of a right or contract. [1] If the subject of the contract is destroyed (such as through merging the contract subject and the contract obligation), then the contract may be made void. [1]
“Lease terminations are the clear priority at this time,” according to a Jan. 29 email from a senior GSA manager, a copy of which was provided to the AP by a GSA employee. In a follow-up meeting, GSA regional managers were told the goal is to terminate as many as 300 leases per day, according to the employee, who spoke on the condition of ...
Lease management requires the extraction of key information from the lease agreement document into what is called a Lease Abstract, which is a summary of essential terms of a leasehold agreement of real estate. A lease of real estate, regardless of the country or state of jurisdiction, fundamentally comprises clauses that define the commercial ...
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