Property Management
In Ohio, a 'casualty loss' clause in a commercial lease typically provides that:
AThe lease terminates automatically upon any damage
BIf the property is substantially damaged, either party may terminate or the landlord must restore the property within a specified period✓ Correct
CThe tenant is responsible for all repairs
DThe landlord can raise rent to cover repair costs
Explanation
A casualty loss clause in a commercial lease addresses what happens if the property is damaged by fire, flood, or other casualty — including rights to terminate, rent abatement, and landlord's obligation to restore.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA 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.
Math Concepts
State-Specific Concepts
DRE Regulation
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