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 ?
Merchants Central Shopping Center - Milledgeville, GA: This multi-tenant shopping center has approximately 45,013 of gross leasable area.
will help ensure that this project successfully contributes to our objective of doubling the leasable surface area of Parque Arauco by 2010.
By the end of 2018, Ayala Malls' total leasable area will be two million sq m,' she said.
The third level has a remaining 50,000 leasable square feet, bringing the total space available to 100,000 square feet.
Upon completion of the acquisition, Hemfosa will own properties comprising approximately 92,000 square metres of leasable area in Sundsvall.
Another positive factor is that development remains at a standstill and furthermore, as the NYC market begins to tighten up over the next 3-5 years, for leasable (not obsolete) buildings, rents will begin to increase once again, making Westchester financially attractive.
The Dominikanski office complex in Wroclaw, Poland, with a total leasable space of around 40,000 square metres, will comprise of two underground levels and seven storeys above ground.
4-billion new mall was inaugurated on Monday after a soft opening in mid-February, opening up 17,000 square meters of net leasable space.
One of the properties is a retirement home in Berlin, Germany, which has leasable area of around 6,950 square metres.
The restaurants have, on average, approximately 10,300 leasable square feet and are situated on an average lot size of approximately 2.
The completion of the transaction on the two office and warehouse units with a leasable area of about 3,700 sq m, is due on 15 December 2010.
5 percent of the portfolio's operating gross leasable area was occupied at closing.