BU451 Study Guide - Final Guide: Chapter 27, Unsecured Debt, Mortgage Loan
Document Summary
Definite or ascertainable period: lease must begin on a fixed date, lease must end on a fixed or ascertainable date, final date need not be stated if period is definite (e. g. lease ends in 500 years ) If parties create a term for an uncertain period, term is void and no leasehold interest is created: can use conditions or options as an alternative, e. g. As long as hold is not valid but 10 years, but can be terminated if no longer holds is valid. Quiet enjoyment: landlord gives a covenant of quiet enjoyment, covenant of quiet enjoyment: a landlord"s promise to do nothing to interfere with the tenant"s possession and use of the premises. Insurance: unless given by covenant, neither landlord nor tenant is under a duty to insure the premises, usually landlord will insure premises to protect their own investment.