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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 ?
Most leasers are traders (although not all traders are leasers) who seldom go into the cave themselves and prefer to sublet the site to other people who will take care of the exploitation.
Fenichell relates how Mordy and Myron, two nice Orthodox boys, very devout, rose in the leasing game to become among the biggest leasers of mainframe equipment, armed only with facile pens and a lot of gall.
Leaser is a big fan of painted furniture, which adds character and customization to any room.
25 per cent of the lease finance to be paid by leaser, unless agreed otherwise.
Leaser will also present "Vivid Whites," a series of striking large-scale flower portraits set against white backgrounds to emphasize their beauty and astonishing detail.
Duke Realty Corporation (NYSE:DRE), a developer, manager and leaser of real estate, announced on Friday (29 August) that the company has been selected to construct a new office campus for GE Aviation, a business unit of General Electric Company (NYSE:GE), in Cincinnati, USA.
Paperless leasing, complimentary use of laptops in a high-tech conference room and other electronic frills also target the younger leaser.
Sources in the Agriculture department told on Thursday that under the programme, a special attention would be accorded on enhancement of agriculture yield, promotion of drip irrigation system, leaser land leveling and construction of water courses for improving the irrigation system in the Punjab.
Dubai: Tamweel Aviation Finance (TAF), a joint venture involving aviation financer and leaser Novus Aviation Capital and Airbus, is set to add a second bank to the group.
FLY Leasing Limited (NYSE: FLY), a UK-based global leaser of commercial jet aircraft, has announced the completion of its acquisition of a fleet of 49 aircraft.
The board of directors of leaser of household durable goods Rent-A-Center Inc (NASDAQ/NGS:RCII) approved an increase in the common stock repurchase authorisation to USD800m, it revealed on Wednesday.
Summary: Hizbullah leaser Hassan Nasrallah on Wednesday warned that "all possibilities" were open against Israel as he spoke about the Jewish state's offensive in Gaza.