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lease 1 /'lēs/ n [Anglo-French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack]1 a: a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner; also: the act of such conveyance or the term for which it is made see also sublease compare easement, license; security interest at interest 1, tenancy◇ Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease as “a transfer of the right to possession and use of goods for a term in return for consideration.”build·ing lease: ground lease in this entryconsumer lease: a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household usefinance lease: a lease in which the lessor acquires goods from a supplier in accordance with the specifications of the lessee◇ Under section 2A-103 of the Uniform Commercial Code, before the lessor signs the lease or the lease becomes effective, the lessee must receive or approve of a copy of the contract by which the goods were acquired or must receive a statement of terms (as warranties, disclaimers, and liquidated damages) relating to the contract or notification of where such information can be obtained.ground lease: a lease of land usu. for a long term in consideration of the payment of rent and with the agreement that the lessee build or improve a structure on the land – called also building lease;mineral lease: a lease granting the right to work a mine and extract the minerals or other valuable deposits from it under prescribed conditions (as of time, price, or royalties) – called also mining lease;net lease: a lease requiring the lessee to assume all operation expenses (as for maintenance, insurance, and taxes) in addition to the payment of rentoperating lease: a lease of property and esp. equipment for a term which is shorter than the property's useful life and in which the lessor is responsible for certain expenses (as taxes)per·pet·u·al lease /pər-'pe-chu̇-wəl-/: a lease renewable forever at the lessee's optionproprietary lease: a lease used to convey to a member of a cooperative the exclusive possession of a residential unittrue lease: a lease that resembles a security agreement but retains the attributes of a leaseb: property and esp. real property that is leased2 in the civil law of Louisiana: a contract by which a person provides labor or services for a pricelease 2 vb leased, leas·ingvt1: to grant by lease to anotherlease s mopeds to tourists2: to hold under a leasea company leasing a fleet of cars for its executivesvi1: to be under a lease or subject to a leasethe vacation house lease s for $500 a week2: to grant property by a leasehave leased to students in the past
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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I
noun
agreement, conductio, contract, contract for exclusive possession of lands, contract for possession and profits, conveyance in consideration of recompense, conveyance of interest in real property, conveyance of land for a designated period, grant, grant of realty, grant of use and possession, instrument, instrument granting possession of premises, legal agreement, permission to rent, tenant-landlord agreement, written agreement
associated concepts: assignment of lease, building lease, cancellation of a lease, concurrent lease, divisible lease, forfeiture of lease, implied lease, let premises, long-term lease, option to lease, parol lease, perpetual lease, renewal of lease, rent, sublease, term of lease, termination of lease, voidable lease
II
verb
allow the use of, charter, contract for exclusive possession, contract for possession of land, contract for use and occupation, convey for a designated period, convey real property for a specified period, demise, engage, engage premises for a designated period, grant exclusive possession for a designated period, grant use and possession, lend on security, let, let premises for a designated period, locare, rent, rent out, sublet, subrent
associated concepts: assignment of a lease, cancellation of a lease, commencement of a lease, extension of a lease, forfeiture of a lease, joint lease, lease at will, lease for years, lease of premises, month to month tenacy, perpetual lease, renewable lease, sublease, tenacy, tenacy at sufferance, tenacy at will, term of a lease, termination of a lease, voidable lease
III
index
convey (transfer), engage (hire), rent, sublet
Burton's Legal Thesaurus. William C. Burton. 2006
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n.A contract in which the owner of a piece of property allows someone else to possess it exclusively for a specified period of time in return for payment.v.To allow someone to use property for a period of time in exchange for payment; to rent. See also let, lessor, lessee, sublease
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
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a grant of the use of land (or other subject matter) for a specified term. In relation to land, the grant confers a right of exclusive possession for a 'term or years', usually in return for the payment of a periodic sum (rent) or a capital sum (a premium) or both. A lessee may 'sublet' to a sub-lessee, who will then acquire the right of exclusive possession as against the lessee, who will become entitled to receive the rent stipulated for in the sublease. Leases may be legal or equitable, the latter taking effect under the rule in Walsh v . Lonsdale (1882). A legal lease is sometimes referred to as a demise. A legal lease for periods in excess of three years requires to be made by deed.The term 'lease' is also used in connection with contracts for the hiring of equipment or other chattels for a specified period. In relation to equipment and plant, there are two distinct types of leasing, namely finance leasing and operating leasing. A finance lease is a lease for the bulk of the asset's economic life and from which the lessor expects to obtain his normal profit on the asset without being involved in further activity in respect of it; such leases are generally non-cancellable or cancellable only on payment of a major penalty. Operating leases are effectively all other leases; they are cancellable by the lessee at short notice and without major penalty; they are arrangements under which the lessor expects to release or sell the asset, obtaining significant portions of his total profit on the asset from each successive transaction. See hire.
Collins dictionary of law. W. J. Stewart. 2001.
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An oral or written agreement (a contract) between two people concerning the use by one of the property of the other. A lease for more than one year must be in writing. A person can lease real estate (such as an apartment, house, or business property) or personal property (such as a car or a boat). A lease should cover basic issues such as when the lease will begin and end, the rent or other costs, how payments should be made, and any restrictions on the use of the property. The property owner is often called the "lessor," and the person using the property is called the "lessee."Category: Business, LLCs & Corporations
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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n. An agreement in which the right of occupancy or use of real property, or the right to use personal property, is conveyed to another for a set period of time in return for consideration, typically in the form of periodic payments.@ gross leaseLease in which a tenant pays a flat sum inclusive of all utilities and other expenses.@ month-to-month leaseRental of property without a long term contractual obligation; in actuality, not a lease. May require one month's notice in order to terminate, depending on local or state law.+month-to-month leasen. A lease without a fixed term, because either it never included one or such term is expired, in which the landlord's acceptance of each monthly rent payment gives the tenant a right to stay for one more month.@ net leaseLease in which tenant pays a rental amount for property, plus additional obligations for utilities, taxes, etc.@ parol leaseOral agreement for tenancy;=>> parol.@ percentage leaseBusiness lease agreement whereby the amount to be paid is based on a specified percentage of tenant's gross or net profits; usually a minimum rental amount is stated.@ subleaseAn agreement under which the lessee of real property conveys his rights, or some subset of them, to a third party.n. A lease held by a lessee who has, in turn, leased part or all of the leased property to another sublessee; the original lease may require approval by landlord before subleasing.@
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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A contractual agreement by which one party conveys an estate in property to another party, for a limited period, subject to various conditions, in exchange for something of value, but still retains ownership.
Dictionary from West's Encyclopedia of American Law. 2005.
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A contractual agreement by which one party conveys an estate in property to another party, for a limited period, subject to various conditions, in exchange for something of value, but still retains ownership.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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1) n. a written agreement in which the owner of property (either real estate or some object like an automobile) allows use of the property for a specified period of time (term) for specific periodic payments (rent), and other terms and conditions. Leases of real property describe the premises (often by address); penalties for late payments, termination upon default of payment or breach of any significant conditions; increases in rent based on cost of living or some other standard; inclusion or exclusion of property taxes and insurance in rent; limitations on use (for a butcher shop, a residence for the family only, no pets); charges for staying on beyond the term (holding over); any right to renew the lease for another period; and/or a requirement for payment of attorneys' fees and costs in case of the need to enforce the lease (including eviction). A lease is distinguished from a mere renting of the premises on a month-to-month basis and cannot exceed a year unless agreed to in writing. A "triple net" lease includes both taxes and insurance in the rent.2) v. to rent out real property or an object pursuant to a written agreement.
Law dictionary. EdwART. 2013.
