Lease — A lease is a legal document, but can be an oral arrangement, which confers a right on one person (called a tenant or ) to possess property belonging to another person (called a landlord or lessor) to the exclusion of the owner landlord. The… … Wikipedia
lease in reversion — A lease that becomes effective only at the expiration of the term of the prior lease. That the lease is to have this effect may be expressed in two ways, i. e., the time set for the beginning of the term in the second lease may be made to… … Ballentine's law 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
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
expiration of term — An ending of the term of a lease by the lapse of the time provided by the lease for its duration. 32 Am J1st L & T § 138. Any termination of a lease, whether by expiration of the period of the lease or by the occurrence of a condition which calls … Ballentine's law dictionary
lease — /li:s/ noun 1. a written contract for letting or renting a building, a piece of land or a piece of equipment for a period against payment of a fee ● to rent office space on a twenty year lease ♦ the lease expires next year or the lease runs out… … Dictionary of banking and finance
expiration — Cessation; termination from mere lapse of time, as the expiration date of a lease, insurance policy, statute, and the like. Coming to close; termination or end. The term expiration, as in an insurance policy, refers to termination of the policy… … Black's law dictionary
expiration — Cessation; termination from mere lapse of time, as the expiration date of a lease, insurance policy, statute, and the like. Coming to close; termination or end. The term expiration, as in an insurance policy, refers to termination of the policy… … Black's law dictionary
expiration — ex|pi|ra|tion [ ,ekspı reıʃn ] noun uncount AMERICAN the end of a period of time during which an agreement, offer, or official document is in force or can be used. British expiry: the expiration of a lease … Usage of the words and phrases in modern English
Open-End Lease — A rental agreement that obliges the lessee (the person making periodic lease payments) to make a balloon payment at the end of the lease agreement amounting to the difference between the the residual and fair market value of the asset. Also… … Investment dictionary
effluxion of time — The normal expiration of a lease due to the passage of time, rather than due to a specific event that might cause the lease to end, such as destruction of the building. Category: Real Estate & Rental Property → Renters & Tenants Rights Nolo’s… … Law dictionary