lease

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Related to leased: lessee, subletting, subleased

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 ?
A lessee may assign cost to a lease that it acquires and amortize it; a lessor who acquires leased real property cannot assign basis to the leases.
Establish monitoring systems to ensure that you return or purchase the leased equipment when the lease term expires.
The expected significant risks and substantially all the reward of the leased asset(s) and the obligation imposed by the SPE's underlying debt reside directly or indirectly with the lessee through such means as, for example.
Kicks USA, a retailer of men's and women's athletic apparel and footwear, has leased 5,080 s/f, and King's Beauty Supply has leased 4,598 s/fat mixed-use Capitol Plaza, a 356,845 s/f center.
The management and leasing firm also leased 5,400 square feet to Blockbuster at 2500 Route 9 Plaza in Old Bridge; 2,600 square feet to The Church of Jesus Christ of Latter Day Saints at the QuickChek center in Bayonne; and 1,960 square feet to Laundry Land at Clinton Corner Shopping Center in South Plainfield.
Ventas has reserved its right to exercise any and all rights and remedies under the Master Lease Agreements including, without limitation, the right to terminate the Master Lease Agreements for all or individual leased properties.
We have performed substantial work to support our views, including at least one third party appraisal on each of our hospitals and nursing centers leased from Ventas.
The Captara solution will allow companies to consistently and automatically apply key financial data used in the four accounting tests, such as incremental borrowing rates, minimum lease payments, and the economic life of the leased assets, in accordance with predetermined corporate policies and the terms embedded in the lease.
Globalserve has leased 7,225 SF of the second floor.
For the past two years, residents of New York, Connecticut, and Rhode Island have seen their auto leasing options diminish due to antiquated vicarious liability laws that made leasing companies (the owners of leased vehicles) liable for damages caused by the drivers of those vehicles.
This was due in large part to the 46,000 square feet leased by NEXTLINK Communications at 111 Eighth Avenue.
The report covers the office, industrial and retail sectors of the Net Leased Market.