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When you sign a lease with a tenant it creates a landlord-tenant relationship that can work in your favor, but also comes with some potential problems. For example, when a tenant defaults on its lease owners usually don’t have the option of terminating the lease immediately. The owner might have to wait a certain period of time for the tenant to “cure”—that is, fix—a violation. If a tenant is no longer useful to the center’s synergy, the owner must wait, sometimes for several years, until the end of the lease term to get rid of it.
