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RENTAL AGREEMENT An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property. LANDLORD The lessor or the owner of leased premises. The landlord retains a reversion interest in the property so that when the lease ends the property will revert to the landlord. PERFORMANCE BOND A bond, usually posted by one who is to perform work for another, which assures that a project or undertaking will be completed as per agreement or contract. GENERAL PARTNER A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts. OPERATING EXPENSES Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property. GOOD WILL An intangible, salable asset arising from the reputation of a business. |
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