The term 'Demised Premises' refers to the property or portion of property that is leased or rented to a tenant under the terms outlined in a lease agreement.
A long-term lease typically refers to a commercial lease agreement that spans five years or more or a residential lease agreement lasting over one year. Long-term leases offer stability and predictability for both landlords and tenants, coming with distinct advantages and potential drawbacks for each party.
A rental agreement, often referred to as a lease, is a legal contract between a landlord and a tenant that outlines the terms under which the tenant agrees to rent a property owned by the landlord.
A tenant is an individual or organization that holds the right to use and occupy real estate property owned by another entity, typically under a lease agreement for a fixed or indefinite period.
