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lease 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
: the act of such conveyance or the term for which it is made see also sublease compare easement, license security interest at interest, tenancy NOTE: 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 entry

consumer 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 use

finance lease
: a lease in which the lessor acquires goods from a supplier in accordance with the specifications of the lessee NOTE: 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 usually 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 rent

operating 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
: a lease renewable forever at the lessee's option

proprietary lease
: a lease used to convey to a member of a cooperative the exclusive possession of a residential unit

true lease
: a lease that resembles a security agreement but retains the attributes of a lease
b : property and esp. real property that is leased
2 in the civil law of Louisiana
: a contract by which a person provides labor or services for a price

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.

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