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 ?
Fashion icon, Theory, leased 11,000 square feet of office space.
Establish monitoring systems to ensure that you return or purchase the leased equipment when the lease term expires.
An option granting the lessee a right to (1) purchase the leased asset at a fixed or defined price other than fair value determined at the date of exercise or (2) receive any of the lessor's sales proceeds over a stipulated amount.
which Levin is currently repositioning, Ace Hardware leased 15,962 s/f of space that formerly housed an Acme supermarket.
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.
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.
a provider of employee benefits, has leased 56,152 SF at 120 White Plains Road.
Some leases, though, have the tenant's area for the demised premises divided by the total leased area.
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.
3 million square feet of space was leased in Westchester in the first half of 1999, and three of the five submarkets in the county saw stronger activity this year than the same period last year.