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 ?
In addition to the revenues collected pursuant to the Use Agreements, the Lease Agreement provides that Aerostar will be entitled to operate and collect all other revenues in connection with the LMM Airport, including revenues from commercial concessionaires.
Offsetting credit concerns include XNA's short operating history (1998-2006) and only recent shift to an industry standard lease agreement that sets airline rates to achieve cost recovery and coverage of annual debt requirements.
The company said the lease agreement is subject to the finalisation of terms and conditions.
110-1(b)(3) does not require a lease agreement to provide that the entire construction allowance is for the purpose of constructing or improving qualified long-term real property.
The new lease agreement for part of the fourth floor at 673 First Avenue constitutes an important expansion of the medical school's relationship with SL Green, increasing its total commitment within the SL Green portfolio to 187,000 s/f.
Company Signs Definitive Lease Agreement for New Restaurant in Reston, Virginia
Stephan also said if the city was so intent on maintaining Anaheim as part of the team's name, it should have included it in the lease agreement.
Called rent inducements, these are clauses in a lease agreement that landlords provide in an effort to attract future tenants to lease available property.
Under a triple-net lease agreement, the tenant agrees to pay property operating expenses (taxes, maintenance and insurance) and a contractual monthly rent including escalation clauses.
NASDAQ: PBIO) today announced that it has installed a PCT Sample Preparation System (PCT SPS) at the Root Disease and Biological Control Research Unit, Agricultural Research Service (ARS), United States Department of Agriculture (USDA), Pullman, Washington, following the signing of a three year lease agreement for the PCT SPS.
However, what was expected to be loosely defined deal points, some 10-15 pages in length, has turned into a detailed document that will be close to 100, looking more like the final lease agreement.
WABC-TV has signed a lease agreement to join television and FM radio stations utilizing the new 385-foot-high transmission tower atop Four Times Square in Manhattan, at an elevation of 1168 feet above mean sea level (AMSL).