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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 ?
Part of the problem here is that, as most of the harvesting going on is "illegal" (outside of the legal periods, or during official bans), the workers, leasers, owners, and traders involved in harvesting the birds' nests during that time are working and making profit illegally.
Construction costs topped $48 million but market demand and gradual rent increases will offset the costs without pushing out leasers, LaRocca said.
It's no surprise that top leasers are almost always described as being a "people person.
We understand that school music teachers may have the desire to teach guitar, but often lack the resources or expertise," explained MusicPro University's Mark Leaser.
Terrance Leaser of Norwalk, The Furniture Idea, reports: "The Ralph Lauren palette of whites is one of the most beautiful, and I use a lot of that brand on walls.
If another retailer is interested in a permanent lease, that space will then be committed to the year-round leaser as opposed to the temporary site retailer.
Tamweel Aviation Finance (TAF) has a joint venture involving aviation financer and leaser Novus Aviation Capital and Airbus.
Other highlights include: Funder Roundtables, the Nonprofit Expo, and the new " 30 Under 30" awards & program to support the next generation of sector leaser.
Winners Summary < < < < NAME < < CITY AMOUNT Ayesha Ogle < < Palmdale $300,000 Harry Gatz < < Paramou- $105,000 Danny Smith < < Long Be- $75,000 Niki Khensouvann < < Long Be- $65,000 Olga Dorado-Landrum < < Rohnert $5,000 Greg Leaser < < Berkeley $4,000 Benjamin Pruneda, Jr.
This project will provide several benefits which guarantee the regulation of rental relationships between the leaser and leassee on an obvious and sound basis, maintaining the rights of all parties.
The former is mentioned from the role of leaser, and the latter, service supplier.