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Simple English definitions for legal terms
crescendo rental
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A quick definition of crescendo rental:
A crescendo rental is a type of rent payment that gradually increases at fixed periods during the lease. It means that the amount of rent you pay will go up over time. This is different from a regular rental where the amount stays the same throughout the lease. In the oil and gas industry, there is also something called a delay rental, which is a payment made to postpone exploration during the primary lease term.
A more thorough explanation:
Definition: A rent payment that gradually increases at fixed periods during the term of the lease.
Example: John signed a lease for an apartment with a crescendo rental clause. His rent started at $1000 per month and increased by $50 every six months until the end of the lease.
This means that John's rent payment will gradually increase over time, following a fixed schedule. This type of rental agreement is common in commercial leases, where landlords want to ensure that their rental income keeps up with inflation and other economic factors.