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What is the initial term of a lease?

Initial Lease Term means the term of the Initial Leases, with such term being for no longer than a period of twelve months.

What does a 12-month lease mean?

A lease is typically for a specific term for a specific total amount of money. For example, a 12-month lease at $1000/month, is a lease for $12,000 at term. If you break the lease after 7 months, you would still owe the landlord $5000. A month-to-month lease at $1000/month is simply that. A lease for a total of $1000.

What does 1-year lease mean?

Choose a One-Year Lease Term A year is long enough to learn whether you like an apartment enough to stay even longer, and it's short enough to give you the flexibility to move after a reasonable amount of time (12 months) without having to break a lease and possibly pay a penalty.

What is a 12-month apartment lease?

A lease is typically for a specific term for a specific total amount of money. For example, a 12-month lease at $1000/month, is a lease for $12,000 at term. If you break the lease after 7 months, you would still owe the landlord $5000. A month-to-month lease at $1000/month is simply that. A lease for a total of $1000.

What does month to month lease mean?

Landlord Tenant Month to Month Lease Law and Legal Definition. A month-to-month lease is a rental agreement for a one-month period that is renewed automatically each month for another month until properly terminated by either party. ... Often landlords require 30 days' notice.

Can a lease be renewed automatically?

To be sure, a lease can never automatically renew if a lease does not contain an automatic renewal clause. However, the answer is less clear when a lease does contain an automatic renewal clause, and you have signed it. ... First, you and your landlord need to agree to extend the lease.

What is a lease that automatically renews itself?

An estate from period to period, or a periodic lease, is one that automatically renews unless either party gives notice of termination. These leases run week to week, or month to month, or year to year.

Can a landlord renew a lease without you signing?

This means that no one else especially not your landlord, not a co-tenant or not a subtenant (if you have one)can renew your lease for you, without your knowledge or consent. Only toucan renew, or cause to be renewed, your residential lease. ... Some leases include an automatic renewal.

How long do leases last?

It can be from one to many pages, but in general, a lease defines exactly how long you'll be renting the apartment (six months, one year, two years and so on) and exactly how much money you'll pay in rent each month (and on what day).

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