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 w...