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UNIT 6

LEASE CONTRACT
Definition:
1. It is an Agreement by which one party, called Lessor is bound by to assure to the other
party, called Lessee the total/partial/temporary usage of an asset in exchange for an amount
of money/rent.
How do we distinguish between Contract of Sale and Lease Agreement?
By leasing it is transferred only the right to use and not the ownership of that asset.
2. A residential Lease Agreement, also known as a House Lease Agreemnet, or Residential
Rental Contract is a form used by landlords to rent out real estate based on the fact that
someone will be living there.
3. It is a formal document that identifies the lessor, lessee and the leased asset or property; it
states lease term and fee (rent), and detailed terms and conditions of the lease agreement.
LA is a bilateral contract there are reciprocal obligations of both parties. The lessor has to
assure the usage of the leased asset and the Lessee has to pay the price of the leasing.
LA is by onerous title both parties have a patrimonial interest.
LA is a consensual contract it is executed by the mutual agreement of both parties.
LA is a call-off agreement the Lessor warrants the asset usage until the contract is
terminated; the price is calculated according to the usage duration; this duration is stipulated
according to the parties will (it can be determined or non-determined).
What does a Lease Agreement contain:
Any agreement involving a piece of property should always be in writing. It should include:
-a description of the property, including the address of the property;
-the type of property such as a house or apartment etc.;
-who the parties are, this will generally be the owner of the property, also known as the lessor/
landlord and the tenant, also known as the lessee/ renter;
-the term of the lease, this will indicate how long the lease is for, what day the lease begins,
and what day the lease entered into ends;
-the rental payments (it should be put down in writing), how much the rent is due, how
often (weekly, monthly, anually), and when it is due.
Many other provisions may be included. It is important to put the terms of the Lease
Agreement so that should any problems arise, all the parties are clear on their responsibilities,
and where the fault lies. If the parties are unable to resolve their dispute, and go to court, a
court will be able to interpret a written agreement and decide on the most fair solution.
A Residential Lease form can be sometimes called by different names and can cover many
types of leses such as House Leases, Apartment Lease, Condo Lease and even Room Lease.

A lease is a contract for the possession and profits of lands and tenements on one side and a
recompense of rent or other income on the other or else it is a conveyance of lands and
tenements to a person for life or years or at will, in consideration of a return of rent or other
recompense.
Its parts:
A lease in writing by deed indented consists of following: 1. the premises; 2. the habendum
(determines the extent of the interest/ estate granted); 3. the tenendum (used to express the
tenure by which the estate granted was holden); 4. the reddendum (The grantor reserves smth.
new to himself out of that which he granted before); 5. the covenants; 6. the conditions; 7. the
warranty.
The formalities the law requires.
A lease may be avoided: 1. Because it is not sufficiently formal, and 2. Because of some
matter which has arisen since its delivery.
Leases may be in writting or not in writting. Lease in writting are either by deed or without
deed. A deed is a writting sealed and delivered by the parties, so that a lease under seal is a
lease by deed. The Lease must be delivered either by the parties themselves or their attorneys,
which delivery is expressed in the attestation sealed and delivered in the presence of us.
Provisions:
1. Object of the Contract (The Subject Matter);
2. Duration of the Contract;
3. The Lessors Rights and Obligations;
4. The Lessees Rights and Obligations;
5. Times and Terms of Delivery;
6. Residual Value/ Consideration;
7. Claims and Penalties;
8. Force Majeure;
9. Arbitration;
10. Other terms.
The Validity Conditions of the Lease A:
1. Capacity of the parties;
2. Subject MAtter;
3. The Effects of the Lease A (the rights and obligations of the Lessor/Lesse).
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