Leaseholds

Duration - Term of Years Leasehold

Definite duration

Beginning - Term of Years Leasehold

Begins on specific calendar date or at happening of event

Termination - Term of Years Leasehold

Ends on specific calendar date or computable by formula

Notice of termination - Term of Years Leasehold

Generally not required

Impact of death of L or T - Term of Years Leasehold

Lease continues and successors take over

Can a single party unilaterally control the right of termination? - Term of Years Leasehold

Lease may grant power of early termination to one party alone, but length of full term must be agreed to by both parties in advance

Duration - Periodic Tenancy Leasehold

Indefinite duration

Beginning - Periodic Tenancy Leasehold

Begins on specific calendar date or at happening of event

Termination - Periodic Tenancy Leasehold

Terminates after either party gives adequate notice; otherwise, automatically continues for another period

Notice of termination - Periodic Tenancy Leasehold

-Common law required notice equal to length of period, up to maximum of six months

-Modern statutes may shorten required notice period

Impact of death of L or T - Periodic Tenancy Leasehold

Lease continues and successors take over

Can a single party unilaterally control the right of termination? - Periodic Tenancy Leasehold

Lease may grant power of early termination to one party alone, but each party retains right to prevent automatic renewal for new period

How can Periodic Tenancy Leasehold be created

Can be created expressly or by implication (if T takes possession under lease for undefined period with periodic rent payments)

Duration - Tenancy at Will Leasehold

Indefinite duration

Beginning - Tenancy at Will Leasehold

Begins when T enters with L’s consent

Termination - Tenancy at Will Leasehold

Terminates when either party so desires

Notice of termination - Tenancy at Will Leasehold

-At common law, notice not required to terminate

-Today, many states impose a notice requirement by statute

Impact of death of L or T - Tenancy at Will Leasehold

Lease terminates under presumption that mutual assent ends

Can a single party unilaterally control the right of termination? - Tenancy at Will Leasehold

-No

-If lease allows only L to terminate, courts usually imply reciprocal power in T

-If lease allows only T to terminate, some courts imply reciprocal power in L; others recharacterize as periodic tenancy or life estate (or rarely, as a 'lease for life')

If T 'holds over' and L elects to treat as tenancy rather than trespass, majority treats as what

periodic tenancy (often measured by periods of one month)

Any notes on rent for Tenancy at Will Leasehold?

In many cases, T not expected to pay rent

How can Tenancy at Will Leasehold be created?

Can be created expressly, or court may imply if T takes possession under lease for undefined period without regular rent payments