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 ?
Having studied the materials of the case, the Arbitration Court of Primorsky Territory considered the claims reasonable and subject to satisfaction and decided to terminate the lease agreement for the disputed land plot.
To secure foreign and local investments in Petron and ensure stability of its operations, the transfer of the properties was enabled through a deed of conveyance and lease agreements that guaranteed its long-term and continuous use by Petron.
'Accordingly, your letters-because they deny without legal causes Petron's contractual right to renew-constitute fundamental breach of the three lease agreements.'
5 of 1985 apply to lease agreements in Ras Al Khaimah.
The petitioner prayed the court to set aside the CDA's notification of July 26, for cancellation of the lease agreement.
Another common arrangement between landlords and tenants (which the parties may or may not provide for in the lease agreement) is a lease inducement payment.
He said directed Chief Executive FATA Development Authority Dr Fida Wazir to immediately cancel all the lease agreement and licenses and conduct probe into the matter.
Rhino Resource Partners LP (NYSE: RNO), a growth-oriented limited partnership, has signed a lease agreement with Chesapeake Exploration LLC.
Airport concessions company AIRMALL USA on Wednesday announced that celebrity chef Michael Symon has signed a lease agreement for a location at the airport's centre core.
TELECOMWORLDWIRE-July 18, 2011-Digital Realty Trust signs Singapore data centre lease agreement with Adobe(C)1994-2011 M2 COMMUNICATIONS http://www.m2.com
Summary: DUBAI -- A lease agreement that will flag off the development of SmartCity Kochi, an IT infrastructure project jointly promoted by TECOM Investments and the State Government of Kerala in India, has been signed between Abdullatif Al Mulla, TECOM Group CEO and SmartCity Kochi Vice-Chairman, and Suresh Kumar, IT Secretary of the Kerala Government.
Furthermore, the lease agreement may contain various clauses that would benefit either side from variation.