Glossary

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Master Lease
A master lease is a lease that controls the contents of leases made after it. In most cases, one party leases a large amount of space that they then have the right to sublease out. The master lease acts as the control for what the sublease can contain. For example, a sublease cannot be for a longer period than the master lease itself. With a master lease, the primary tenant, the one who is on the master lease, is responsible for all monies due and damages done by the later sublease tenants. The property owner has a contract in place with the primary tenant, not the sublease tenants, and the primary tenant has the contract with the sublease tenants. If a sublease tenant fails to meet the contractual obligations of their lease, the primary tenant must take action. The property owner has no stake in this relationship outside the master lease.