Question

The period Estate (aka estate from period to period) is one that renews itself automatically at the end of each lease unless one of the parties terminate it.

True or False

Answer 1

True, a period estate lease renews automatically unless terminated. Either party can terminate by giving 30 days' notice, and provisions exist if possession cannot be delivered as agreed.

Step-by-step explanation:

The statement that a period estate (also known as estate from period to period) automatically renews itself at the end of each lease unless one of the parties terminates it is true. When the leases are structured on a month-to-month basis, either party can terminate the agreement by giving a 30-day written notice of intention to terminate. It is important for the possession of the property to be properly returned; keys and other items provided for use should be given back to the owner. Additionally, if the resident overstays or does not vacate their possessions by the termination date, they may be liable for additional rent and damages.

In the context of a business, such as a pizza restaurant, the lease's flexibility in the long run allows the business owner to adapt to changes by moving to a different location if necessary once the lease expires. If the owner cannot deliver possession on the agreed date for any reason, such as prior residents not vacating, both parties may cancel the agreement with written notice.