lease


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Related to lease: Rental lease

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 ?
Members of the LRI Leasing Information Club are also entitled to the company's free referral service in which LRI seeks out for members the most favorable lease offering for any make and model of foreign or domestic vehicles.
Leonard noted that these findings appear to indicate that larger organizations are using these savings to invest more staff and resources in building sophisticated lease administration databases.
auto lease securitization issuance will likely continue to grow in 2007, according to a criteria report by Fitch Ratings.
An employee who personally leases a business-use car deducts a portion of the lease payment based on the business-use percentage.
467 applies, there are two possible treatments: (1) allocation in accordance with the terms of the lease or (2) a reallocation to a "constant rental amount.
Before signing the lease, you must consider if you want an option to buy the equipment at the end of the lease term for a nominal price, a predetermined price or a price equal to the property's then-current fair-market value.
lease, the waiver under the lease was irrelevant to enforcement of the guaranty, and Madison was protected by the provision in the guaranty providing that a failure to take action against Bentley did not affect the guaranty's enforcement.
Kentucky Asset/Liability Commission's (ALCo) state lease obligations (Bluegrass Station Project) 'A+'.
Therefore, before you sign, have the dealer fill out the lease cost information form in Look Before You Lease, an FTC publication (www.
Two seven-year leases totaling 5,647 s/f lease at 34 W.
It can be especially costly and aggravating when a financing package is held up because the lender wants its loan secured by leasehold improvements constructed by your company at numerous locations, and one improperly structured lease holds up the entire package.
Such information is available from several sources: Kelley Blue Book, the Black Book Lease Guide and the National Automobile Dealers Association's Official Used Car Guide.