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 ?
110 William Street totaled 175,000 s/f of leases in 2006.
If the current lease rules are as seriously flawed as FASB insists, it could choose to make interim adjustments to FAS 13 to eliminate synthetic leases and expand disclosure requirements in order to create the desired transparency.
Summary of Expired Leases - This report will list the summary of all leases (by country) that have expired as of the date entered by the user.
Costs to consider when assessing your lease deal are: upfront, during and end-of-term payouts.
Another type of lease inducement is a rent holiday.
Since an operating lease is not debt, and it tends to carry lower monthly payments than capital leases, it is sometimes the only way a firm can get the equipment it needs.
First, some financial facts: If you plan to keep your old buggy for more than five years, it's almost always cheaper to buy than to lease.
On a technical level, the Board questions why section 3 (making certain "conforming amendments" to the Truth in Lending Act) strikes various references to "consumer leases," "lessors," and "lessees" that are found in the Truth in Lending Act, as consumer leases are--and would remain under H.
Leases near urban areas are priced higher than those in more remote areas.
Fitch's auto lease ABS rating criteria has remained essentially unchanged as fundamental criteria and methodology remains similar to the original criteria report released in 2000, with updates on industry information and related items.
A five-year, 4,500 s/f office lease renewal at 110 W.
s former Brown Derby (which was as famous for its hat-like exterior as it was for its original chopped salad), you may lose your ability to finance your facility's improvements if your lease is improperly drafted.