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
Ratification is typically required when an individual makes a decision. Still, they don’t have the legal authority to make it legally enforceable. In everyday discourse, ratification ...
The quality of life enjoyed by a person depending on factors such as spendable income, housing conditions, health and education. ...
Use of borrowed funds to enhance expected returns. It is anticipated that the investment will earn a return exceeding the after-tax cost of borrowing. ...
In regards to , in the matter of. Formal judicial method of entitling a matter before it. ...
Financial standing of a debtor as a basis to pay obligations. ...
Regular rental of property between the lessee and lessor for a fee. An operating lease does not satisfy the criteria for a capital lease. An example is renting an apartment. A lessee ...
Property held by an individual, such as furniture. ...
The term foraging comes from the old germanic language, which passed through Old French “fuerre” and “fourrage” and it means the search for wild food resources. ...
Self-employed contractor who may perform work on a structure such as residential or commercial property. ...
Have a question or comment?
We're here to help.