Property Management
In Ohio, a 'co-tenancy clause' in a retail lease allows a tenant to:
AAdd a co-signer to their lease
BReduce rent or terminate the lease if a key anchor tenant leaves the shopping center✓ Correct
CSub-lease their space to another tenant
DRequire the landlord to find an equivalent co-tenant
Explanation
Co-tenancy clauses protect retail tenants by allowing rent reduction or lease termination if a named anchor tenant or a certain level of occupancy in the shopping center falls below a threshold, reducing customer traffic.
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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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