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I need help translating business terms to normal english. Please help!!!

'K..so my dad have this lease agreement that he wants me to translate for him. I have to read this friggin' thing and figure out wtf it means in normal english then translate it into vietnamese so he can understand. These are the parts that frustrate me with the way it is written.

Quote:

As of this date, Tenant is not in default under the terms and conditions of the Lease and is fully discharging all of its obligations under the lease

Quote:

To Tenant's knowledge, Landlord is not in default under the Lease nor does any state of facts exist which with the passage of time or giving of notice, or both, could constitute a default by Landlord under the Lease

and this

Quote:

The Lease does not contain, and Tenant has no oustanding options or rights of refusal to purchase, the Premises or any part of the real property of which the Premises are a part. Tenant has no options to lease additional space and Tenant has no rights of refusal with respect to leasing additional space except as indicated at the end of this Certificate

Quote:

Tenant will attorn to and regconize Lender or any purchaser at al forecloser sale under the Mortgage, any transferee who acquires the Premises by deed in lieu of foreclosure, and the successors and assigns of such purchaser(s) as its landlord ofr the unexpired balance (and any extensions, if exercised) of the term of the Lease upon the same terms and conditions set forth in the Lease, and such acquiring Landlord, its successors and assigns shall not be liable for any acts, obligations of debts of the former Landlord acquired the leased premises.

I've been reading and looking up the dictionary (and online law and business dictionary) for almost two hours with no avail. Please help... :confused:

Is this a new lease?

Default: "In finance, default is what occurs when a party is unwilling or unable to pay their debt obligations. "

Right of Refusal: "A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others."

That might help you quite a bit.

I'll take a stab at the first one (hopefully there is a legal beagle out there to correct me).

Quote:
As of this date (date document is signed), Tenant (your father) is not in default under the terms and conditions of the Lease and is fully discharging all of its obligations under the lease(your father has paid rent promptly plus any other lease requirements).

Is this something like what you were looking for?

In case those definitions weren't enough:

1) At the time of signing the lease, your father doesn't owe the Landlord a damn thing.

2) At the time of the singing of the lease, your father doesn't believe the landlord owes him anything or knows something that could break the lease in your father's favor. (Protects the LL)

3) Your father doesn't get rights of refusal.. ie the LL does not have to offer your father the right to lease or own before giving it to the public.

4) If the current LL transfers it to another LL, your father agrees to pay the remaining debt and that any liabilities of the previous LL do not get transferred to the new one.

ahhh...makes a lot more sense now. Thanks guys. :icare:

And yes, it is a new lease.