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 ?
Hence, the consideration for Petron's leasehold rights is not only the rental payments provided for in the Lease Agreements but the conveyance of the properties to PNOC,' Petron told Lista in the same letter.
Based on our discussions with the competent authorities, we have been informed that 1% of the annual rent value is payable in cases of residential lease agreements; 10% of the annual rent value is payable for commercial lease agreements.
Clarkson Insurance Agency recommends a legal review of all lease agreements before committing to any legal arrangement.
Accordingly, your letters - because they deny without legal causes Petron's contractual right to renew - constitute fundamental breach of the three lease agreements.
This lease agreement is effective 1 January 2017 and the hotel property will then be reclassified from operator activities to property management by the company.
Others can also receive the lease agreement copies of the plots assigned to them against their surrendered land to develop airport from Cidco Bhavan.
During the course of proceedings, the Federation supported the point of view of the petitioner and said that the lease agreement was illegal.
Aircraft leasing company Air Lease Corporation (ALC) (NYSE:AL) revealed on Monday that it has signed lease agreements for ten twin-aisle aircraft.
Practice tip: The deductibility of rents between related parties is essentially determined by the facts and circumstances; thus, it is wise for the member and the LLC to build evidence at the onset of the lease to support the reasonableness of the rent called for in the lease agreement.
While you may have no equipment to keep or sell at the end of the lease agreement, it's usually not easy for the average business to unload used PCs, printers, and fax machines.
Starting in FY2003, XNA began operating as a self-supporting enterprise; however, an industry standard compensatory airline lease agreement was implemented in FY2004 leading to stronger operating margins and resulting cash balances.
Starting from 26 October 2015, Estonian Air aircraft CRJ700 will serve the Eurebro-Copenhagen route based on wet lease agreement.