lease

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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 ?
Built in 1986, the property is located on the campus of Largo Medical Center (LMC) and offers approximately 33,000 square feet of gross leasable area.
Traverse City, Michigan: The Traverse City property includes 153,975 square feet of gross leasable area, and is currently 73.
approximately 360,000 square feet of gross leasable area.
In the fourth quarter of 2004 RioCan acquired interests in properties with a gross leasable area of 1,269,000 square feet.
In addition to the department stores, Parklane has approximately 202,000 square feet of mall and freestanding gross leasable area and currently has a mall store occupancy level of 96.
2 acre property, which is improved with 246,600 square-feet of leasable space with 31 tenant spaces, was sold by A&B subsidiary A&B Properties, Inc.
Chesterfield has 607,000 square feet of gross leasable space and is anchored by Hecht's -- a unit of The May Co.
Centro holds ownership interests in 114 shopping centers across main population areas in all states of Australia with over gross leasable area of 20 million square feet.
As contemplated by the letter of intent executed by both parties, Ramco will contribute 22 shopping center properties, containing approximately 3,900,000 leasable square feet, and stock in its property management corporation while RPS will contribute seven retail properties, containing approximately 970,000 leasable square feet, and $75,000,000 in cash to the operating partnership.
6 million square feet of gross leasable area for a gross cost, including pending development, of $115.