Define: Custodiam Lease

A custodiam lease is a type of lease agreement where the lessor (landlord) retains possession and control of the property, while the lessee (tenant) is given the right to use and occupy the property.

Key terms of a custodiam lease include the duration of the lease, the amount of rent to be paid, the responsibilities of the landlord and tenant, and any specific conditions or restrictions related to the use of the property.

Yes, a custodiam lease is a legally binding contract between the landlord and tenant, and both parties are obligated to adhere to the terms and conditions outlined in the lease agreement.

In a custodiam lease, the landlord typically retains the right to enter the property for maintenance and inspection purposes, but must provide reasonable notice to the tenant unless there is an emergency situation.

The tenant is responsible for paying rent on time, maintaining the property in good condition, and complying with any rules or regulations outlined in the lease agreement. The tenant also has the right to use and occupy the property as specified in the lease.

The landlord can typically only terminate a custodiam lease early if the tenant breaches the terms of the lease agreement, fails to pay rent, or engages in illegal activities on the property.

The lease agreement should outline the responsibilities of the landlord and tenant in the event of property damage, including who is responsible for repairs and any associated costs.

The ability to sublease the property is typically subject to the landlord’s approval and may be addressed in the lease agreement.

If a dispute arises between the landlord and tenant in a custodiam lease, the parties may attempt to resolve the issue through negotiation, mediation, or arbitration. If a resolution cannot be reached, legal action may be necessary to enforce the terms of the lease agreement.