LEASE AND PROPERTY TRANSACTION GLOSSARYLease and Property Transaction • December 10th, 2015
Lease: the agreement between the Landlord and the Tenant granting the Tenant the right to use the property in exchange for payment of the Rent. Landlord: the owner of the property in respect of which the Lease is granted to the Tenant. Tenant: the party to whom the Lease is granted. Party/party: a phrase typically used to refer to the Landlord, Tenant or (where applicable) a Guarantor without having to name them specifically. Guarantor: someone who is obliged to comply with Lease obligations if the Tenant fails to do so. Rent: the annual sum paid by the Tenant to the Landlord in return for the use of the property (usually payable quarterly). Rent Review: depending on the Term, the Lease may provide for the rent to be reviewed at intervals (eg every 5 years). The method of calculating the new rent will be set out in these provisions. Quarter days: the “usual” quarter days are 28 February, 28 May, 28, August and 28 November. This term is usually used when describing when any rent is due
