LONG LEASE Meaning and
Definition
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A long lease refers to a legal arrangement where one party, known as the lessee, is granted the exclusive right to occupy or utilize a property for an extended period of time, typically for 99 years or more. This type of lease is commonly used for properties such as land, buildings, or apartments. Long leases provide the lessee with a certain degree of security and control over the property during the lease term.
Under a long lease, the lessee pays a specific amount of consideration, often in the form of rent, to the lessor – the owner of the property. Unlike a short-term lease, a long lease offers greater stability and allows the lessee to make substantial investments in the property, such as conducting renovations or modifications, as they have a longer time horizon to recoup their expenses.
Long leases often include provisions outlining the responsibilities of the lessee, such as maintenance and repairs, while other aspects like insurance or property taxes may be addressed separately. These arrangements are typically governed by a written contract, called a lease agreement, which defines the rights and obligations of both parties involved.
It is important to note that the specific duration of a long lease may vary depending on legal and cultural norms in different jurisdictions. In some regions, leases exceeding hundreds or even thousands of years are not uncommon, especially in land lease agreements.
Common Misspellings for LONG LEASE
- kong lease
- pong lease
- oong lease
- ling lease
- lkng lease
- llng lease
- lpng lease
- l0ng lease
- l9ng lease
- lobg lease
- lomg lease
- lojg lease
- lohg lease
- lonf lease
- lonv lease
- lonb lease
- lonh lease
- lony lease
- lont lease
- long kease
Etymology of LONG LEASE
The word "lease" can be traced back to the Old English word "lǣs" or "lǣsan", which meant "to grant" or "to let for hire". This term eventually evolved to "les" in Middle English and then transformed into "lease" in Modern English.
The word "long" comes from the Old English word "lang", which meant "lengthy" or "extended". It has retained its meaning throughout the centuries.
When combined, "long lease" refers to a lease agreement extended over an extended period, often years or decades. The term emphasizes the extended duration of the lease, distinguishing it from shorter-term leases.
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