Definite Term Sample Clauses

Definite Term. Leases If the lease states how long the tenancy will last, (usually six months or a year), the agreement is a definite term lease. Thus type of lease is usually in writing. (If the lease is for more than a year, it must be in writing.) Definite term leases generally state what king of notice is required to end the tenancy. If there is notice requirement, the tenancy automatically ends on the day the lease says it does, unless the landlord and tenant agree (preferably in writing) to some other kind of arrangement. (38) Length Restrictions for Some Leases f an owner has received notice of a contract for deed cancellation notice or a mortgage foreclosure sale, the owner may not enter into a long-term lease with a tenant until one of several events happens: the contract for deed is reinstated, payments under the mortgage are caught up, the mortgage is reinstated or paid off, or a receiver is appointed for the property. Instead, the owner or landlord may enter into a periodic tenancy lease with a term of two months or less, or a definite term lease with a term not extending beyond the cancellation or redemption period. (39)