Contracts
A Massachusetts commercial lease contains a 'demolition clause.' This allows the landlord to:
ADemolish leasehold improvements at the lease's end
BTerminate the lease early if the building is to be demolished or substantially renovated✓ Correct
CRequire the tenant to demolish their own improvements
DDemolish portions of the building for renovations during the lease term without termination
Explanation
A demolition clause (or recapture clause for redevelopment) allows the landlord to terminate the lease with notice if the building is to be demolished or substantially redeveloped, giving the landlord flexibility for major projects.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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