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 ?
However, it was constrained to seek judicial intervention when PNOC president Reuben Lista communicated early this year that it will terminate the lease agreement with Petron, citing provisions in the contract that are allegedly 'onerous, burdensome and disadvantageous' to the government.
'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.
Further, these lease agreements are expected to contribute marginally positively to Pandox's total net operating income 2017, as well as lead to a slight increase in the total market value of the property portfolio in conjunction with the hotel properties being reclassified from Operator Activities to Property Management 2017.
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.
In our view, this provision applies to all lease agreements in Bahrain, not just those located in Manama and Muharraq.
* A 5-year lease agreement for 1850 square feet with Gamer's Realm Hobby in its shopping center in East Windsor, New Jersey.
Ultimately, in the current climate whether you are a landlord or tenant there is good reason to carefully review the lease agreements you might have.
The rating is, however, constrained by very high gearing levels, high level of exposure to group companies, lease agreements expiry in 2011-2013 and revenue concentration as two tenants account for 60% of the total rental income.
Three lease agreements, out of the five announced today, were signed in Poland, the first of which was with Viva Manufacturing Poland, for 24,400 square metres at ProLogis Park Teresin.
Different lease agreements may require the tenant to purchase insurance that may or may not provide adequate coverage at the time of loss.
It includes information on adapting clauses to specific situations and negotiating favorable lease terms, techniques and strategies on structuring lease deals, and data on the latest court rulings affecting lease agreements.
In today's business environment, prospective tenants of commercial property have many alternatives when choosing commercial space and structuring lease agreements. In an effort to attract tenants to available commercial space, landlords often provide extraordinary benefits or favorable lease terms.