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As a legal term, ground rent specifically refers to regular payments made by a holder of a leasehold property to the freeholder or a superior leaseholder, as required under a lease. In this sense, a ground rent is created when a freehold piece of land is sold on a long lease or leases. [1] The ground rent provides an income for the landowner. [2]
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.
For example, suppose a tenant leases land for six months for ¤1,000 per month, and that two months into the lease, the government condemns 25% of the land. The tenant will then be entitled to take a portion of the condemnation award equal to 25% of the rent due for the remaining four months of the lease—¤1,000, derived from ¤250 per month ...
Another common example is the English practice of "peppercorn rent", the nominal rental sum for property, land or buildings. Where a rental contract is put in place and the owner of the property wishes it to be rent-free, it is normal to charge a small sum as "peppercorn rent", because if the owner wants to lease the property, he must charge ...
Moffat Tunnel – leased to Union Pacific Railroad by the state of Colorado under a 99-year lease until 2025. [5] A lease extension of 25 years was agreed to after the initial 99 years expired. [6] [7] Ontario Highway 407 Express Toll Route – leased to private company by the Ontario provincial government under Premier Mike Harris for C$3.1 ...
A non-cancelable lease is a lease that cannot be so terminated. Commonly, "lease" may imply a non-cancelable lease, whereas "rental agreement" may connote a cancelable lease. Influenced by land registration, commonly tenancies initially granted for more than a year are referred to more simply as leases. [6]
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