lease

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Related to Lease Agreements: subletting

Lease

Lease

An agreement between two parties whereby one party allows the other to use his/her property for a certain period of time in exchange for a periodic fee. The property covered in a lease is usually real estate or equipment such as an automobile or machinery. There are two main kinds of leases. A capital lease is long-term and ownership of the asset transfers to the lessee at the end of the lease. An operating lease, on the other hand, is short-term and the lessor retains all rights of ownership at all times.

lease

An agreement that permits one party (the lessee) to use property owned by another party (the lessor). The lease, which may be written either for a short term or for a long term, often results in tax benefits to both parties. See also capital lease, gross lease, leveraged lease, net lease, operating lease.

Lease.

A lease is a legal agreement that provides for the use of something -- typically real estate or equipment -- in exchange for payment.

Once a lease is signed, its terms, such as the rent, cannot be changed unless both parties agree. A lease is usually legally binding, which means you are held to its terms until it expires. If you break a lease, you could be held liable in court.

lease

a legal contract under which the owner (the lessor) of an ASSET such as a building or piece of machinery grants to a person or company (the lessee) the right to use that asset for a specified period of time in return for the payment of an agreed rental. See LEASING, LEASEBACK.

lease

a legal CONTRACT under which the owner of an ASSET (such as buildings and machinery) grants to someone else the right to use that asset for a specified period of time in return for periodic payments of RENT.

See LEASING, LEASEBACK.

lease

An oral or written agreement transferring the right to exclusive use and possession of property for some period of time.Some important lease concepts are

• The normal requirement that all contracts having to do with real estate must be in writing does not apply to contracts that are capable of performance in one year or less. In most states, an oral lease for less than one year is enforceable; an oral lease for a longer period is not.

• Atenant is not relieved of responsibility to pay rent if the premises are damaged, destroyed, or partially or totally unusable unless the lease allows it, or unless consumer protection laws applicable to residential leases allow it.

• If a tenant transfers the entire remaining term of a lease to someone else, that is an assign- ment. If a tenant transfers less than the remaining term, that is a sublease. Either way, the original tenant is still fully responsible for complying with all lease terms, even if the new one does not. In most states, a landlord may require its approval before assignment or subletting, but may not unreasonably withhold its approval.

• Atenant's interest under a lease may be insured, in addition to coverage for the contents. The interest may also be mortgaged, although that would be extremely unusual except in the case of valuable improvements built on leased land under a long-term lease.

References in periodicals archive ?
Case studies of how other commercial lease agreements are now being drafted differently, new negotiating and drafting strategies for 2010 and important lessons learned from other real estate lawyers
Careful structuring of rental agreements is vital to avoid pitfalls and to provide benefits to parties involved in the lease agreement.
government to serve Charlotte, USAir will reapply to extend the code-sharing and wet lease agreements to the Charlotte-London market.
Newmark and Company was the broker in the lease agreement.
Paragraph 18 of the lease provided that the landlord was under no duty to mitigate its damages by releasing and that if the tenant abandons the premises or if eviction occurs, the tenant will remain liable for all amounts due under the lease agreement.
If JPM cures the purported Event of Default under the Master Lease Agreements (including causing it to be cured by Kindred), Ventas is required to accept such cure as if Kindred had performed the cure, and any Event of Default is thereby eliminated.
Two lease agreements at the Port Authority Bus Terminal under which existing retail tenants will renovate their premises.
The right of first refusal clause that appears in the lease agreements of some laundry service companies is a constraint and violates the spirit of trust and customer satisfaction that underlies the contract.
We received $155,000 in cash proceeds from the sale and TIRES agreed to terminate several material supply and equipment lease agreements previously executed between the parties in addition to terminating a December 2005 letter of intent between GreenMan and TIRES containing an exclusive option to acquire certain operating assets of TIRES.
The transaction securitizes the exploitation rights under three major lease agreements between Fumisa and the airport.
Realty Income will acquire the 17 Kerasotes theater properties subject to 20-year, triple-net lease agreements.