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Legal Definitions - even lot
Definition of even lot
To evict means to legally remove a person from a property they are occupying. This action is typically initiated by the property owner and usually involves a formal legal process, such as obtaining a court order, to ensure the removal is lawful and enforceable.
Here are some examples to illustrate the concept of eviction:
Residential Tenant for Non-Payment: Imagine a tenant, Sarah, who has not paid her rent for three consecutive months despite receiving multiple notices from her landlord, Mr. Henderson. Mr. Henderson follows the legal steps required in his state, which include serving Sarah with a formal "notice to quit" or "pay or quit" notice. When Sarah still fails to pay or vacate, Mr. Henderson files a lawsuit in court to regain possession of his property. If the court rules in his favor, it will issue an order allowing law enforcement to physically remove Sarah and her belongings from the apartment. This entire process, culminating in Sarah's forced removal, is an eviction.
This example illustrates eviction because Mr. Henderson, the property owner, is legally removing Sarah, the tenant, from his residential property due to a breach of their rental agreement (non-payment of rent), following a formal court process.
Commercial Business for Lease Violation: Consider a small restaurant, "The Daily Grind," operating in a commercial building owned by Ms. Chen. The restaurant's lease agreement strictly prohibits any structural alterations without the landlord's written consent. Despite this, the owner of The Daily Grind decides to build a new outdoor patio without consulting Ms. Chen. When Ms. Chen discovers the unauthorized construction, she sends a formal notice of lease violation. After the restaurant fails to rectify the breach within the specified timeframe, Ms. Chen initiates legal proceedings to terminate the lease and reclaim her commercial space. A court eventually orders The Daily Grind to vacate the premises. The legal action taken by Ms. Chen to force the restaurant out of her property is an eviction.
This example demonstrates eviction as Ms. Chen, the commercial property owner, is legally expelling "The Daily Grind" from her property due to a significant violation of their commercial lease agreement, using a formal legal process to regain possession.
Simple Definition
An even lot is a term used interchangeably with a round lot. Its specific meaning is detailed under the definition for "round lot" within financial contexts.