Fixed Term Lease


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Fixed Term Lease

A lease binding the parties to each other for a specified period of time, such as a month or a year. That is, the fixed-term lease requires the lessee to make periodic payments and requires the lessor to surrender use of his/her property. A fixed term lease is also called (somewhat misleadingly) a tenancy for years.
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The goal of the City and the BCRA is to receive proposals for a fixed term lease for two (2) years, with an optional renewal period of one (1) additional year; to operate, repair, reconstruct and improve the existing Pelican Harbor Marina facilities, structures and property for a minimum guaranteed rent payment and a percentage of the gross revenue returned to the City.
No business can be absolutely certain about the future, so for many the option to be able to stay as long as they like without the commitment to a fixed term lease is very attractive,' she said.
Mary owns a 21% interest in a top lease over 30,450 acres in Ward County, Texas which, while currently producing 5,000 BOPD from shallow sands, is subject to a fixed term lease expiring in 2000 and offers exploration on about 50 square miles of untested deep potential.
Capital contributions for major commitments at new buildings, prevalent in the first half of 2004, have all but disappeared, and rent-free periods for fixed term leases of five years or more have fallen from 10-12 months to as little as 4-6 months.