When does the lessee take back the property from the lessor?

Lessor has a right to take back the possession of his property from the lessee on the termination of the lease term prescribed in the agreement. The lessor has to disclose any material defect relating to the property which the lessee does not know and cannot with ordinary supervision find out.

What happens to the interest of the lessor when a lease is terminated?

Interest – Lessor’s interest to lease the property may cease, hence resulting in the termination of the lease. Same owner – When the interest of both lessor and lessee are transferred or vested in the same person.

Is the lessee independent of the lease agreement?

Lessee is not independent of the terms and conditions mentioned in the lease agreement. Lessee is under an obligation to disclose all related material facts which are likely to increase the value of the property for which the lessee has an interest in and the lessor is not aware of.

When does a lessee have to pay the rent or premium?

Lessee is under an obligation to pay the rent or premium which is settled upon in the agreement to the lessor or his agent within the prescribed time. Lessee is under an obligation to maintain the property in the condition that he initially got the property on commencement of the lease and he has to return it in the same condition.

When does a lessor have to pay for an equipment lease?

This can be particularly offensive when the lessor is affiliated with the manufacturer who is selling the equipment to the lessee. Ideally the lessor should not pay until the equipment has been inspected and accepted by the lessee. 3.

What happens to alterations after the end of a lease?

All Alterations shall become a part of the Premises and shall become the property of Landlord upon the expiration or earlier termination of this Lease, unless Landlord shall, by written notice given to Tenant, require Tenant to remove some or all of Tenant’s Alterations, in which event Tenant shall promptly remove the designated Alterations and

What happens in the event of early termination of a lease?

Termination Value: In larger leases, the lessor will put into the lease a schedule of Termination Values, which the lessee must pay in the event of the destruction of the equipment, event of default by the lessee or any other early termination by lessee of the lease. Typically these sums are calculated by computer and may be difficult to verify.

What happens if there is an unenforceable clause in a lease?

Instead, the invalid or unenforceable provision shall be deemed severed from this agreement, and this agreement shall be enforced as if the agreement did not contain the invalid or unenforceable provision.”