Test yourself

Read the extract from a commercial lease below. Using the definitions provided, find an underlined word in the contract that matches the definition and write the letter next to the definition. (TA S8)

Acceleration of Rent.

(a) In the Event of (b) Default by Tenant, by notice to (c) Tenant , (d) Landlord shall have the right to accelerate all Fixed Rent and all expense (e) installments due under the Lease and otherwise payable, to be paid by Tenant, one year’s Rent at a time, the first payment (f) due five (5)days after receipt of Landlord’s notice, and then without further notice or demand for payment, on each anniversary of the Event of Default date, without the need to further (g) litigate the Event of Default between the parties. All such amounts collected from Tenant shall be discounted to present value using an (h) interest rate of six percent (6%) (i) per annum . Additional Rent which has not been included, in whole or in part in accelerated rent, shall be due and payable by Tenant during the remainder of the (j) Term , in the amounts and at the times otherwise provided for in the Lease.

1.  situation when you don’t pay what you owe (1 p.)

2.  equal parts in which you repay your loan, rent, etc. (1 p.)

3.  that must be paid on a particular time (1 p.)

4.  person who pays rent (1 p.)

5.  if (1 p.)

6.  to start legal action in court (1 p.)

7.  person who owns the property rented (1 p.)

8.  the percentage amount charged by a bank etc when you borrow money, or paid to you by a bank when you keep money in an account there (1 p.)