lease obligations

Lease obligations refer to the contractual commitments a person or business makes when renting property, such as an apartment, office, or equipment. When you sign a lease, you agree to pay rent for a specified period and adhere to certain rules, like maintaining the space and not causing damage. If you break the lease or fail to make payments, you can face penalties, such as losing your security deposit or being taken to court. Essentially, lease obligations ensure both the landlord's and tenant's rights and responsibilities are clearly defined throughout the rental period.