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 ?
Upon expiration of the 30-year period, MRSGI shall turnover to the Province the possession and ownership of the department store and supermarket with one movie theater and with leasable spaces.
However, the existing 13 malls offer nearly 569,000 sqm total leasable area, out of that Villaggio and City Center cover 43%, which is around 245,000 sqm leasable area.
commercial business group head Jose Emmanuel Jalandoni said that at present POGOs account for less than 10 percent of ALI's leasable office portfolio.
DoubleDragon's completed office leasable space portfolio already totals 265,073 sqm, accounting for 88.36 percent of its 2020 office leasable target of 300,000 sqm.
These are projected to have a total capacity of up to 400,000 sq m of warehouse leasable space.
Another five new office towers are expected to be completed within the year in Uptown Bonifacio, Iloilo Business Park, Arcovia City and Pampanga, with total gross leasable area of around 189,000 square meters.
Metac General Contracting Co will build the mall, which will have 200 shops, restaurants and entertainment outlets spread across 500,000 square feet of leasable space.
As of 30 September 2014, SIR owned 50 properties (280 buildings, leasable land parcels and easements) with a total of approximately 27.0m square feet located in 21 states, including 11 properties (229 buildings, leasable land parcels and easements) with approximately 17.8m square feet which are primarily leasable industrial and commercial lands located on the island of Oahu, HI.
"The mall is around the same size as the Mall of the Emirates [in Dubai], around 1.4mn ft[sup.2] of leasable space," said Sajjanhur.
The centre is a 97.8% occupied six-building open-air retail centre aggregating approximately 101,000 square foot of gross leasable area, Partners said.
Summary: The Municipality of Abu Dhabi City has registered over 57,000 tenancy contracts under the Tawtheeq System during the first six months of the year, accounting for a market share of 21 per cent of the total 28,000 leasable units registered.