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cotenancy

   Also found in: Dictionary/thesaurus, Financial, Wikipedia 0.01 sec.

cotenancy n. the situation when more than one person has an interest in real property at the same time, which may include tenancy in common, joint tenancy or tenancy by the entirety. (See: cotenant, tenancy in common, joint tenancy, tenancy by the entirety, community property)



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Many retail leases include cotenancy clauses, which allow tenants to ask for rent cuts or even to pull out without penalty if other key tenants leave a particular shopping center.
Many shopping center leases contain cotenancy clauses that state that unless a certain amount of space is leased and occupied, tenants are entitled to financial concessions, such as rent reductions and, under certain circumstances, lease termination rights.
1031 exchange of property distributed by a partnership, the IRS will likely use one or more of three theories: (1) the partners did not hold the property for a qualified use, (2) the step-transaction doctrine, and (3) the partners' cotenancy in the property is a partnership.
 
 
 
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