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There are generally 3 parties to a lease: the lessor (landlord); the lessee (tenant); and the guarantor(s) (the person(s) who provide assurance that the lessee will comply with the essential terms of the lease).
Essential terms of a lease generally include:
- the payment of rent on time;
- the payment of outgoings;
- permitted use of the premises;
- pre-conditions regarding the assignment and subletting of the leased premises;
- termination of the lease; and
- providing proper bond and/or bank/personal guarantee with respect to your liabilities under the lease.