lease

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Related to Lease Agreements: subletting

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 ?
As you very well know, the long-term lease by Petron of the subject properties and the properties denominated as refinery properties, which are the subject of a third lease agreement between Petron and PNOC, was the primary consideration for Petron's conveyance of said properties at book value to PNOC,' the company said.
Umm Al Quwain Municipality register the residential lease agreements.
Case studies of how other commercial lease agreements are now being drafted differently, new negotiating and drafting strategies for 2010 and important lessons learned from other real estate lawyers
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.
The most recent lease agreements were negotiated on behalf of Akin Bay Company, LLC; C.
Last week, it delivered drafts of a lease agreement to the Coliseum and Anaheim officials and NFL executive Neil Glat, the league's point person in Los Angeles, has been asking both sites to be prepared to make formal presentations in Kansas City.
Example: A lease agreement entered into on January 1 with a term of three calendar years provides for no rent for the first year (i.
The lease agreement was brokered by Richard Rackow of the Rackow Group, Inc.
PALMDALE - The owners of six businesses in two shopping centers have filed a lawsuit, saying their landlord violated lease agreements by retroactively imposing thousands of dollars in maintenance fees.
has announced 11 lease agreements totaling approximately 60,000 s/f of executive office space at 780 Third Ave.
The Company will acquire 89 existing stores subject to long-term, triple-net lease agreements.