Actual Eviction
A process whereby the landlord may terminate a lease for good reason and the tenant must appear and show cause why he should not be evicted. Also called dispossess proceeding, summary possession, and unlawful detainer. 18-325
Assignment of Lease
Lessee transfers to a third party the entire remaining balance of the lease term for all of the leased property.
Commercial Lease
A lease normally written as a tenancy for years. The three major types of commercial leases are:net lease; gross lease; and percentage lease. 18-324
Constructive Eviction
Breach of the cove-nant warranting quiet enjoyment in a lease; when a landlord performs an act depriving the tenant of quiet enjoyment of the premises, there-by causing the tenant to move. 18-325
Demise
To convey an estate for years; synonymous with lease.
Dispossess Proceedings
A legal process by a landlord to remove a tenant and regain possession of real property due to some breach of the lease agreement by the tenant. 18-325
Escalator Clause
A lease provision that allows rent increases during the term of a lease to reflect increased operating expenses such as higher taxes, maintenance costs and fuel oil. 18-324
Estate for Years
A lease; an interest in land by virtue of a contract for the possession for a definite and limited period of time. 18-323
Eviction
A legal proceeding by a landlord to recover possession of leased premises from a tenant due to some breach of the lease contract. 18-325
Graduated Lease
A lease which calls for a series of predetermined rent increase designed to offset inflation. See "Step-up Lease." 18-324
Gross Lease
A lease of property in which the lessors meets all property charges incurred through ownership. 18-324
Ground Lease
A lease for the use of the land, usually providing for improvements to be placed on the land by the user. 18-324
Holdover Tenant
A tenant who remains in possession of a property after expiration of the lease term. 18-325
Lease
A contract whereby the lawful owner of the property transfers his rights of use and possession to another for a specified term. 18-323
Leasehold Interest
Limited interest in real estate, tenant interest. Non-freehold or less than freehold. 18
Lessee
One who rents property under a lease contract. 18-323
Lessor
An owner who enters into a lease with a tenant. 18-32
Net Lease
A lease in which the tenant pays rent for occupancy, plus maintenance and operation expenses, usually including taxes and insurance. 18-324
Notice to Quit
Notice to a tenant to vacate. 19-362
Percentage Lease
A lease of property in which the rental is based upon the volume of gross sales made on the leased premises. 18-324
Periodic Tenancy
Tenancy of property for an indefinite period, which can be terminated by either party with proper notice. 18-323
Recapture Clause
In a percentage lease, a clause that allows the landlord to cancel if the volume of business falls below a stated minimum. 18-324
Reversion
The residue of an estate left to the grantor or his heirs after termination of all prior estates and interests; the right of a lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights use and enjoy the
Reversionary Interest
A present right to future possession of an estate. 18-323
Security Deposit
Deposited made to assure performance of an obligation, usually by a lessee. 18-327
Sublease
A lease given by a lessee for a portion of the unexpired balance of his term, or one given for a portion of the leased premises. 18-326
Sublessee
Tenant entering into a sublease agreement. 18-326
Sublessor
A lessee or tenant who granted a sublease to another. 18-326
Summary Possession
A process whereby the landlord may terminate a lease for good reason and the tenant must appear and show cause why he should not be evicted. See "Actual Eviction.
Surrender
The cancellation of a lease by an act of mutual consent of lessor and lessee. 18-325
Tenancy at Sufferance
A tenancy arising when the tenant wrongfully holds over after the expiration of his term. The landlord has the choice of evicting the tenant or accepting him for a similar term and under the conditions of the previous holding. 18-323
Tenancy at Will
Possession and occupancy of land terminable at the will of either part. 18-323
Waste
Willful destruction of any part of the land which would injure of prejudice the landlord's or remainderman's reversionary rights. 4-154
Reappraisal Lease
Lease calls for property appraisals every five to ten years as the basis for periodic adjustment in the rent. 18-324
The New Jersey Anti-Eviction Act
Tenants who occupy residential property under an oral or written lease, who are current on their rent payments, cannot be evicted solely on the grounds of foreclosure. 18-326
Option to purchase
The right that is given for consideration to purchase or lease property within a specified time at a specified price and terms. 18-326
Right of first refusal
Provision gives the tenant the opportunity to match the terms of a proposed contract to purchase, before the contract is execute. 18-327
Sandwich Lease
A leasehold interest lying between the primary lease and the sublease.