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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 ?
Old thieves, transformed into rightful leasers or workers, suddenly had to face theft by others.
The $50m third party cover was well below the $750m normally demanded by leasers.
In order for the leaser to lease computers (mainframes cost several million, depending on the configuration), he must get a commitment from a buyer (the lessee).
We cannot really do anything," Khalifa Al Daboos, the aircraft leasers managing director, told Gulf News on Wednesday.
We connect electricity to houses, not just to make profits, but to help people in need," said Anwar Mohammad, a Pakistani worker with one of the leasers.
Pressured by higher rental costs, some jeonse leasers bought houses on loans in the second quarter to benefit from the exemption of acquisition taxes that ended in June, also contributing to an increase in household debt, said the report.
Both of the leasers observed that ample evidences of corruption in the electoral process had been properly registered across the country on the basis of which, authorities should respond properly.
The leasing company was created in 2011 and describes itself as one of the biggest aircraft leasers in Russia and the former Soviet Union.
The overriding aim of the survey was to assess and compare the terms offered by the leasers, as well as the quality of service, focusing particularly on interest rates, the size of down payments, leasing timescales, financial and customer eligibility criteria, willingness to accept additional collateral, etc.
It is an annual meeting of top business leaders, international political leasers, and selected intellectuals and journalists, to be held in Riyadh, Saudi Arabia under the patronage of the Custodian of the Two Holy Mosques HM King Abdullah bin Abdulaziz.
Because the industry has been so lucrative, investment funds have been among the most prolific leasers of exorbitantly price space.