Fixed Term Lease

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Fixed Term Lease

A lease binding the parties to each other for a specified period of time, such as a month or a year. That is, the fixed-term lease requires the lessee to make periodic payments and requires the lessor to surrender use of his/her property. A fixed term lease is also called (somewhat misleadingly) a tenancy for years.
References in periodicals archive ?
Fixed-term lease contracts: Japan overhauled its lease laws in 2002 in a way that eliminated strong biases that formerly had favored tenants.
For example, with a fixed-price, fixed-term lease (similar to NASA's lease of the Mir space station), it would be possible to fund reusable launch vehicles, space tugs, and so forth.
The new fixed-term lease law introduced in March of this year affords greater protection to building owners with respect to lease enforcement.
The Consumer Ombudsman has pointed out that although both packages are advertised as containing a "free computer" NIC Net is actually offering a hire-purchase arrangement while Sonera's package is a fixed-term lease where the consumer can neither purchase the computer after the end of the lease nor install additional equipment or software.
The termination date of lease under the original fixed-term lease agreement with the Tenant is March 31, 2013, however the Fund and the Tenant agreed to extend the termination date to May 6, 2013.
The property, currently producing oil from approximately 500 wells in the Permian and Pennsylvanian age sands, is subject to a 75 years fixed-term lease expiring in August of the year 2000.
As common hold will replace fixed-term leases, owners will not be confronted with the problem of wasting assets as leases run down.
Late in 2002 St Modwen bought the Alstom Transport train making site at Washwood Heath in Birmingham as part of a pounds 111 million sale and leaseback deal with the debt-laden French group, which took fixed-term leases of between five and 15 years on most of the properties.
The debt-laden French group sold its UK real estate portfolio, 19 properties, providing 8 million sq ft on 50 acres, to take fixed-term leases of between five and 15 year.
Fixed-term leases also protect them from technical obsolescence, and let them plan the cash flow necessary to meet a fixed payment schedule.