underlease

underlease
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Burton's Legal Thesaurus. . 2006


underlease
A lease that is not held directly from the freeholder, but from a tenant.
The most common way for an underlease to arise is for a tenant to create one out of an existing lease. The tenant of the existing lease would be the landlord of the underlease created from it. A headlease may become an underlease, if an overriding lease is created, but this is uncommon.
Where an underlease is created out of another underlease, it is sometimes described as a sub-underlease. An underlease granted out of a sub-underlease may therefore be known as a sub-sub-underlease and so on.
An underlease should be granted to expire before the lease out of which it is created. If it is not, the underlease may operate as an assignment of the lease, instead of creating an underlease.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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Look at other dictionaries:

  • underlease — un‧der‧lease [ˈʌndəliːs ǁ ər ] noun [countable] PROPERTY another name for sublease * * * underlease UK }} US }} /ˈʌndəliːs/ noun [C] PROPERTY ► SUBLEASE(Cf. ↑ …   Financial and business terms

  • Underlease — Un der*lease, n. (Law) A lease granted by a tenant or lessee; especially, a lease granted by one who is himself a lessee for years, for any fewer or less number of years than he himself holds; a sublease. Burrill. [1913 Webster] …   The Collaborative International Dictionary of English

  • underlease — v. leasing out by a lessee to a third party, sublease, sublet …   English contemporary dictionary

  • underlease — noun & verb another term for sublet …   English new terms dictionary

  • underlease — n. (Law.) Sublease …   New dictionary of synonyms

  • underlease — / ʌndəli:s/ noun lease from a tenant to another tenant …   Marketing dictionary in english

  • underlease — / ʌndəli!s/ noun a lease from a tenant to another tenant …   Dictionary of banking and finance

  • underlease — A lease by a lessee of a part of his unexpired term. Bedford v Terhune, 30 NY 451 A lease by a lessee of a part of the premises demised to him. 32 Am J1st L & T § 403 …   Ballentine's law dictionary

  • underlease — n. & v.tr. = SUBLEASE …   Useful english dictionary

  • lease — Any agreement which gives rise to relationship of landlord and tenant (real property) or lessor and lessee (real or personal property). Smith v. Royal Ins. Co., C.C.A.Cal., Ill F.2d 667, 671. A contract for exclusive possession of lands,… …   Black's law dictionary

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