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.
See also leasehold real property rent statute of frauds triple net lease unlawful
detainer
law dictionary, legal
dictionary, online law dictionary, legal terms dictionary,
online legal dictionary, legal definition, legal
terms and definition, Best online Dictionary, Law
Dictionary Software, Download Law Dictionary, law
dictionary, legal dictionary, online law dictionary,
legal terms dictionary, online legal dictionary,
legal definition, legal terms and definition, Best
online Dictionary, Law Dictionary Software, Download
Law Dictionary
