lease

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Related to leased: lessee, subletting, subleased

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 ?
DELIVERY AND ACCEPTANCE: Most leases contain a provision acknowledging that you have inspected and unconditionally accepted the leased goods.
Michael Angelo's renowned Wonderland Beauty Parlor, one of the first ever beauty salons in the Meatpacking District, leased 2,200 s/f of retail space.
In limiting this allocation congress is following a line of cases recognizing that a portion of the cost of acquiring leased property can be attributed to the leasehold itself when the lease has a "premium value."(10)
Nominal-purchase options are particularly useful in instances where the cost of removing and shipping the leased equipment may well exceed its fair-market value, such as with telephone systems and restaurant or store fixtures.
* The expected significant risks and substantially all the reward of the leased asset(s) and the obligation imposed by the SPE's underlying debt reside directly or indirectly with the lessee through such means as, for example.
Company-wide, Mack-Cali leased over 1.1 million s/f of space during the quarter, and over 5.6 million s/f during the year.
* Isolar Industries, a musical production company, leased 6,529 s/f;
Paul Travelers will be located in the base of the building for 10 1/2 years commencing February 2006 and Fairchild Publications has leased the entire 2nd floor for 15 years commencing February 2006.
In Ewing Twp., Kicks USA, a retailer of men's and women's athletic apparel and footwear, has leased 5,080 s/f, and King's Beauty Supply has leased 4,598 s/fat mixed-use Capitol Plaza, a 356,845 s/f center.
United Parcel Service has leased the corner retail consisting of 2,100 s/f with a base rent of $33 psf.
Over 175,000 square feet had been leased to tenants such as St.
of Cushman & Wakefield, Inc., leased the entire 25th and 26th floors comprising 28,368 square feet of space.