LEASE OF A REAL ESTATE PROPERTIES

LEASE OF A REAL ESTATE PROPERTIES

     A contract whereby one of the parties binds himself to give to another the enjoyment or use of a thing for a certain price and for a period which may be definite or indefinite.  However, no lease for more than ninety-nine (99) years shall be valid.

LEGAL IMPLICATIONS
- Unless a lease is recorded, it shall not be binding upon third persons.
- The LESSEE cannot assign the lease without the consent of the LESSOR unless there is a stipulation to the contrary.
- Where there is no express prohibition, the lessee may sublet the property leased, in whole or in part, without prejudice to his responsibility for the performance of the contract toward the lessor.

LESSOR OBLIGATION
- To deliver the property which is the object of the contract in such a condition as to render it to fit for the intended use;
- To make on the property during the lease all the necessary repairs in order to keep it suitable for the use to which it has been devoted, unless there is stipulation to the contrary;
- To maintain the lessee in the peaceful and adequate enjoyment of the lease for the entire duration of the contract.

LESSEE OBLIGATION
- To pay the price of the lease according to the terms stipulate;
- To use the property leased as a diligent father of a family, devoting it to the use stipulated and in the absence of stipulations, to that which it is pre-disposed;
- To pay for the expenses for the Deed of Lease;
- To inform the lessor, within the shortest possible time, of every usurpation or untoward act which any third person may have committed or maybe openly preparing to carry out upon the property leased; and
- To advise the lessor, within the shortest possible time, of the need to carry out necessary repairs of the leased property in order to keep it suitable for the use to which it as been devoted.

GROUNDS FOR JUDICIAL EJECTMENT OF LESSEE
- Expiration of stipulated period of lease;
- Lack of payment of the rent stipulated;
- Violation of any of the conditions agreed upon in the contract; or
- Misuse of leased property which has resulted in its deterioration.

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