Operating covenants in shopping center retail store leases are requirements that lessors and retail store lessees must observe to provide uniformity in the shopping center’s operations.
Repossession refers to the forced retrieval of property by a lender or lessor when a borrower or lessee defaults on contractual obligations, such as missing payments. This legal process primarily involves reclaiming collateral used to secure a loan or leased items and is often juxtaposed with the term foreclosure.
