The provisions of a valid lease are essentially the same as for any valid contract. A valid lease must have:
Ø the offer and acceptance
Ø consideration
Ø capacity to contract
Ø legal objectives
Ø a description of the premises
Ø term of the lease
Ø safekeeping and return of the security deposit
Ø improvements of the property
Ø maintenance of the premises
Ø condemnation clause, compliance clause (referring to local laws and regulations)
Ø insurance
Ø non-compliance clause
Ø lease renewal terms and rent increases
Ø expansion options
Ø responsibilities of the landlord and tenant |
