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The commercial terms upon which parties agree to enter into a lease between the parties are usually set out in a document called:
The HOA is executed by both parties and its terms form the basis of the lease.
A critical issue for parties to consider when entering into an HOA is the point at which the parties intend to be bound by the lease. An HOA commonly states when the parties intend to be bound. Generally, parties do not intend to be bound until the lease has been negotiated and signed, at a minimum, by the tenant.
If an HOA states that the parties will not be bound to by the lease until either:
then it is imperative that the tenant does not:
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