Final answer:
A tenant who executed a lease is the lessee. The lessee is responsible for vacating property after termination of the lease and can be held liable for additional rent and damages if they fail to comply. Assets owned by lessees may be used to cover their obligations. The correct option is 3.
Step-by-step explanation:
A tenant who executed a lease is known as the lessee. The lessor is the person or entity that owns the property and allows the tenant to use it under the terms of a lease agreement. The vendee and vendor are terms associated with the buying and selling of goods or property, not with leasing arrangements.
Understanding the roles of lessor and lessee is crucial for handling situations related to lease termination, possession, and liabilities.
TERMINATION: After the expiration of the leasing period, the agreement may be terminated with proper notice. The lessee is obligated to vacate the premises and return all items provided during the lease. If the lessee fails to comply, they may be responsible for additional rent and damages, which may affect the lessor's ability to rent to new tenants.
Secondly, tenants may own assets such as corn and cattle, which can be claimed to fulfill their obligations to the landlord, including covering unpaid rent.