Joint And Several Liable Lease
Definition of "Joint and several liable lease"
A lease having two or more joint lessees who share a common liability with a lessor. Under a joint and several liable lease the lessor may demand the full terms of the lease from one or all of the lessees and not a prorated share of the lease. For example. Brian and Jack sign a joint and several liable lease to lease a building at the rate of $1,000 per month. Brian defaults on the lease, and Jack is responsible to make the $1,000 monthly payment on the lease.
Popular Real Estate Terms
Six-by-six mile square area of land designated by the intersection of range lines and township lines in the rectangular survey system. ...
Portion of a deed that states the act and date of the transfer of the property. ...
Type of ownership by husband and wife, recognized in 27 states, in which the rights of the deceased spouse pass to the survivor. It is the same as joint tenancy, except that one spouse ...
Charge assessed a mortgagor by the mortgagee when assuming a pre-existing mortgage. The assumption fee is often included in the closing costs when purchasing property. ...
Agreement in which the contract price to build something is equal to the total costs incurred plus a predetermined profit. The profit may be based on a percentage of cost (e.g., 20% of ...
Looking for an amortization definition? Amortization is an accounting term that basically means something like “reducing the gap between what is owed”. Here’s the play by ...
Considering future occurrences that may possibly arise. ...
A rental contact in which the tenant's rental is tied to a change in the price level, such as the Gross National Price Deflator. ...
Keeps something under control, such as water and sand. It blocks natural flow and settling of earth. It performs the same function as a dam would for water. ...
Have a question or comment?
We're here to help.