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In your opinion, is this a lease?

Stamford, CT |
Filed under: Real estate

Additionally, does this document, signed by both parties, give rise to rights such that the lessee could sell it's rights to a lease to a third party?
*Personal/names have been redacted.

Party A, Inc. (TH) and Party B (JC) agree as follows:
1. TH agrees to lease the entire first floor of (ADDRESS)for use as a restaurant.
2. Both parties agree that the monthly rent will be US$7,000; TH also agrees to pay its share of the real estate taxes, insurance and maintenance; and TH agrees to a 4% annual rent escalation.
3. TH will be responsible for applying to (name)Town Hall for a CO (Certificate of Occupancy). From the date the CO is obtained, TH will commence making rent and all other payments.
*More in comments section*

4. The lease term is 10 years. 5. The formal lease will be written in English, will be supplied by JC and will be signed once TH agrees. 6. Each party will hold one copy of this agreement. This agreement will have the same legal effect as the formal lease agreement. (Party A) Representative: (Jane Smith) (Party B) Representative: (John Doe) Date: 6/30/03

Attorney Answers 2

  1. Yes as bad as it is, it contains a term, the rent obligation and the use. so it may very well suffice if the question is whether it is transferable to another party.

  2. This is a pretty awful bare bones agreement, but it does comprise the basics of a lease. Offer +Consideration = contract.

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