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necessary to keep the premises fit for living.For instance, a landlord would be requiredto address a major repair such as aleaky roof or a broken furnace. This obligationis known as the implied warranty ofhabitability. Basically, the tenant owns theproperty for the stated period and is obligatedto maintain the premises and makeany repairs that are not the obligation of thelandlord.SECURITY DEPOSITMost leases for apartmentscall for a security deposit toprotect the lessor againstnonpayment or propertydamage. What is the usualamount of a securitydeposit?Assignment and Subletting An assignmentof a lease occurs when you transferthe remaining period of time in a leaseto someone else. A sublease occurs when you transfer part of the termof a lease, but not the remainder of it, to someone else.Example 2. Charles and Nancy Olson held a three-year lease ona house in Wellesley. The house was near the college campuswhere their daughter went to school. One summer, while the leasewas still in effect, the Olsons went on an extended vacation. Theysublet their house to a friend, John Bennis, who had been hiredby the college for the summer. John and his family lived at thehouse until the Olsons returned in the fall.DECORATING AND REPAIRINGThe landlord has no obligation todecorate the premises unless it isprovided for in the lease. In whatcondition must the premises bewhen the tenant leaves?716 Unit 7: Planning for the Future