12:12
have you guys head anything ab more deferrals this year? They said they're seeing more of that at the northwestern info session yesterday, wondering if its a broader trend and we'll see more WL activity from that
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Simple English definitions for legal terms
tacit-relocation doctrine
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A quick definition of tacit-relocation doctrine:
The tacit-relocation doctrine is a rule that says if a lease agreement doesn't have a specific end date, it's assumed to continue for another year. This happens because neither the landlord nor the tenant said they wanted to end the lease at the original date.
A more thorough explanation:
The tacit-relocation doctrine is a legal principle that assumes a lease agreement will continue beyond its expiration date for a period of one year if neither party indicates that the agreement should terminate at the stipulated date.
For example, if a tenant's lease agreement expires on December 31st, but neither the tenant nor the landlord takes any action to terminate the lease, the lease will be presumed to continue for another year until December 31st of the following year.
This principle is based on the idea that both parties have an implied understanding that the lease will continue unless they explicitly state otherwise. It is important for tenants and landlords to be aware of this doctrine to avoid unintentionally extending a lease agreement.