Final answer:
A Trade Fixture is personal property removable by the tenant before lease end, with the tenant responsible for repairing any damages caused. Lease termination typically requires a 30-day notice, and if a tenant overstays, they may owe additional rent and damages. For possession issues, the lease may be cancelled or prorated based on the actual date of possession.
Step-by-step explanation:
A Trade Fixture is considered personal property, and it is owned by the tenant. It can be removed by the tenant before the lease ends. However, if the removal of a trade fixture results in damage to the property, it is the responsibility of the tenant to repair this damage. The concept of a trade fixture is important in the leasing and renting of commercial property.
Regarding termination of a lease, the lease agreement may outline specifics such as a requirement of a 30-day written notice from either party to terminate the agreement. Tenants must clear all of their belongings, including from storage areas, and return any keys or other items provided by the owner. If the tenant stays beyond the end date without vacating possessions, they could be held liable for additional rent and potential damages, including those incurred from the owner's loss of new renters.
With regard to possession, if the owner cannot provide possession of the property to the tenant on the agreed date due to various reasons such as destruction of the property or prior residents not vacating, either party can cancel the agreement with written notice. In such cases, neither party holds liability against the other, and any paid sums are to be refunded in full. If the agreement is not cancelled, it starts on the actual date of possession and should be prorated accordingly.