Final answer:
The lease for an open, unimproved space that was once a warehouse would typically be a ground or land lease. It includes specific termination conditions and liabilities for the tenant if they stay beyond the termination date.
Step-by-step explanation:
The type of lease that would be applied to an open, unimproved space, such as that of a former warehouse, is typically referred to as a ground lease or land lease. This kind of lease allows a tenant to use the land for various purposes including development or agriculture, depending on the terms specified within the lease agreement. As with any lease, important terms to be aware of include the termination conditions. Once the lease period expires, it may be renewed or ended. The lease can be terminated by either party with a written notice, commonly a 30-day notice. The tenant must vacate the premises and return all keys and items provided for their use. If the tenant stays beyond the agreed termination date, they may be liable for additional rent and damages, which may also affect the landlord's opportunities to rent to new tenants.