Legal English Challenge 2023 – Day 10

Read the short text about lease agreements, then select the correct option from the list to complete (1) ….. to (10) ….. .

A lease agreement calls for the ___1___ (user) to pay the ___2___ (owner) for use of an asset. The lease agreement does not provide ___3___ rights to the lessee; but states the liability of the lessee for the conditions of the property. Property, buildings and ___4___ are common assets that are leased. Industrial or business equipment is also leased. The lessee also agrees to ___5___ various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree that the car will only be used for personal use.

Common elements of a lease agreement include: names of the parties; the starting date and duration of the agreement; conditions for ___6___; specific consideration (a ___7____, or periodic payments) for ___8___  the use of this object; provisions of a ___9___ (monetary deposit given typically to a landlord to be held in trust and aside from the rental fee for use should the tenant cause damage to the premises or otherwise breach the terms of the lease)  and terms for its return; insurance for loss or damage; ___10___ (the re-renting of property by an existing tenant to a new third party for a portion of the tenant’s existing lease contract) and maintenance.

Now, press the START button to select the correct option from the list to complete (1) ….. to (10) ….. .