Which of the following is NOT a part of a lease?

In the context of lease agreements, profit sharing is generally not considered a standard component. Leases typically outline the terms by which a tenant can use a property owned by a landlord, and they cover fundamental aspects such as the duration of the lease (expiration), any introductory statements or recitals detailing the intent of the lease, and responsibilities regarding improvements made to the property during the leasing period.

Recitals usually provide context for the agreement, outlining the parties involved and the intentions behind the lease. Expiration indicates the term of the lease and when it concludes, which is essential for both the landlord and tenant. Improvements refer to any modifications or enhancements made to the property, which may be crucial in defining the responsibilities of each party regarding maintenance and alterations.

Profit sharing, however, typically pertains to business models where income generated from the operation of a business is shared among partners or parties, and it does not usually form a core part of a lease agreement. Thus, it is correct to identify profit sharing as not being a common element of leases.