A crucial entity in a commercial building is the prime tenant, who rents a spacious and sought-after area. Their significance lies in their ability to draw in other high-quality tenants and obtain funding for the building’s development. It’s akin to being the most well-liked student in school, with everyone vying for your companionship.
A prime tenant refers to a commercial or professional tenant that leases a significant and preferred area in a commercial development. These tenants possess a well-established reputation and play a crucial role in obtaining construction financing and attracting other desirable tenants. For instance, a renowned restaurant chain could serve as a prime tenant in a shopping mall. Their presence has the potential to draw in other popular stores and boost foot traffic, ultimately leading to the mall’s increased success.
A prime tenant, also known as a master tenant, is the primary leaseholder of a rental property. They are responsible for paying rent to the landlord and may sublet or rent out portions of the property to subtenants.
In most cases, a prime tenant must obtain the landlord’s permission before subletting the property. The terms regarding subletting are typically outlined in the lease agreement.
The prime tenant is responsible for paying rent to the landlord, maintaining the property in good condition, and adhering to the terms of the lease agreement. They are also responsible for any damages caused by their subtenants.
Yes, a prime tenant can be held liable for their subtenant’s actions if those actions violate the terms of the lease agreement or result in damage to the property. It is important for prime tenants to carefully screen potential subtenants.
In most cases, a prime tenant has the right to evict a subtenant if they violate the terms of the sublease agreement or fail to pay rent. However, the prime tenant must follow the proper legal procedures for eviction.
Yes, a prime tenant can generally increase the rent for subtenants, but they must adhere to any rent control laws or regulations that may be in place in their jurisdiction.
Yes, a prime tenant can terminate a sublease agreement, but they must provide proper notice to the subtenant as outlined in the sublease agreement or local laws.
Yes, a prime tenant can be evicted by the landlord if they fail to pay rent, violate the terms of the lease agreement, or engage in illegal activities on the property.
In most cases, the prime tenant is responsible for minor repairs and maintenance of the property. However, major repairs and structural issues are typically the responsibility of the landlord.
Yes, if a subtenant fails to pay rent, the prime tenant may be held responsible for the unpaid rent. It is important for prime tenants to have a clear agreement with subtenants regarding rent payment and to keep records of all transactions.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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