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primary lease

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primary lease

The lease between a landlord and a direct tenant. Contrast with a sublease, which is between the tenant and a subtenant.



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Due to the construction component, financing was secured for a 26-year term, to mirror the approximate ten-month construction period and the 25-year primary lease between ownership and tenant.
The primary lease term would be 15 years, with five additional renewal options, each for an additional five-year term.
After the primary lease term expires, units often remain vacant for a certain amount of time, depending on property type and market conditions.
 
 
 
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