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6 Apr

understanding of the nature of property


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An understanding of the nature of property is imperative, because at the heart of manytransactions is the acquisition, rights to possession of use, or sale of personal or realproperty. Clearly, these transactions are central to many businesses and the livelihoodsof the people involved in business. When thinking about acquiring property, it isimportant to know not only whether the property is “right” for [you] or for your businessbut also about the rights and duties associated with acquiring it, the protections affordedto you by law as the owner of it, and how to transfer it to another party at the time ofsale, lease, or licensing the right to use. Additionally, liability often attaches to property,and limiting one’s liability is at the heart of what your study of law should encourage youto do.8 (SKIM AND ANALYZE) Ohlone Shopping Center Retail Lease.pdf downloadInstructor Note: This is a sample retail lease contract that I drafted for thishomework assignment. It is fairly accurate, including the numbers with regard tohow much a property along Mission Boulevard adjacent to Ohlone might lease forpre-COVID, in that it typifies what you might see in an actual commercial retaillease contract. But please note that the dates regarding notice may not reflectreality. This is so especially given the fact that many of these contracts are oftensample forms created by the companies or their associations and are oftenwritten in favor of sellers/landlords. I drafted this lease agreement in a way that isslightly less pro-seller/pro-landlord, and I also excluded some other provisionsthat you might see in more involved contracts. This assignment draws upon theknowledge you gained in both Chapter 6 and Chapter 8.After reviewing the above PDF, imagine the following scenario. Ohlone College soldsome land to a development company, for purposes of building a mixed-use shoppingcomplex, adding to the historic Mission San Jose Town Center area. Your name is“OHLONE ALUMNI ENTREPRENEUR” and you want to set-up shop in this shoppingcenter, located at 888 OHLONE BOULEVARD in Fremont, CA. You plan to earn moneyselling apparel created by artists, designers, and small businesses local to the FremontTri-City area. This commercial retail lease agreement was executed on Tuesday,September 3, 2019 between you and “OHLONE LANDLORD PROPERTIES.” But priorto this, you had asked your legal counsel to answer some questions you had about thenegotiated lease provisions –Assume: (1) You have no memory problems such that you very clearly remember theanswers that your lawyer provided to each of your questions; and (2) You retained acompetent lawyer who correctly answers your questions. With these givens, how didyour lawyer answer these following questions –1. I recall vaguely in my Business Law class that I once took at Ohlone Collegethat leasehold interests may be created in real property. But please confirmwith me. What type of tenancy is being created by this contract? And how isthis type of tenancy different than the other types of tenancies that can becreated?2. Assuming the grand opening for my store occurs by Halloween, what wouldbe the Expiration Date for this Lease Term?3. I recall vaguely in my Business Law class that sometimes lease interests canbe transferred and conveyed to a third party. Does this contract allow me dothat?4. I recall vaguely in my Business Law class something about fee simple this orfee simple that—ownership interests that people have in property. What typeof ownership interest does OHLONE LANDLORD PROPERTIES have?Complete? Or is it defeasible? I’m not a subtenant, right?5. I recall vaguely in my Business Law class that landlords also owe differentduties to different people, but I do recall distinctly that a customer would bean invitee. But does that mean that OHLONE LANDLORD PROPERTIES isalways liable if one of my customers gets hurt in my store? For instance, sayone of my employees, an Ohlone student, mops the floor but forgets to putone of those yellow “caution” signs notifying customers that the floor is wetand because of the super wet floor one of my customers slips and falls andinjures herself and decides to sue me under the premises liability theory. Thelandlord would be liable too, right? (HINT: Skim the lease agreement to findthe relevant contract provision.)

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