leasehold

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Leasehold

An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time.

leasehold

n. the real estate which is the subject of a lease (a written rental agreement for an extended period of time). The term is commonly used to describe improvements on real property when the improvements are built on land owned by one party which is leased for a long term (such as 99 years) to the owner of the building. For example, the Pacific Land Company owns a lot and leases it for 99 years to the Highrise Development Corporation which builds a 20-story apartment building and sells each apartment to individual owners as condominiums. At the end of the 99 years the building has to be moved (impossible), torn down, sold to Pacific (which need not pay much since the building is old and Highrise has no choice), or a new lease negotiated. Obviously, toward the end of the 99 years the individual condominiums will go down in value, partly from fear of lessened resale potential. This is generally theoretical (except to lending companies because the security does not include the land) since there are few buildings with less than 50 or 60 years to go on the leases or their expected lifetimes, although there are some commercial buildings which are within 20 years of termination of such leases. In most cases the buildings are obsolete by the end of the leasehold. (See: lease)

leasehold

noun estate for a fixed term, estate for a fixed term of years, estate in realty, freehold, interest in real essate, interest of a lessee, land held by lease, land leased, propprty leased, real property subject to a lease, tenure by lease
See also: land, property

leasehold

holding under a LEASE.

LEASEHOLD. The right to an estate held by lease.

References in periodicals archive ?
The Company also announced that it will be taking a charge of approximately $95 million in the fourth quarter ending December 31, 1995, against the book values of its leasehold positions in Vancouver, Toronto, and The Pierre in New York City, as well as certain other non-material real estate investments.
the Michigan-based discount card and stationery chain, has retained Keen Realty, LLC to organize a bankruptcy auction of the leaseholds on its 38 retail sites and corporate headquarters facility.
In addition to its obligation to the department, Calpine has been granted the right to develop the leaseholds to produce steam or electricity to third parties.
Perhaps most important is the work and effort being undertaken to fully develop the opportunity for Trenton Black River Exploration on our significant leasehold in West Virginia's Rome Trough.
exclaimed, "I am also very excited to be affiliated with Powder River Basin Gas Corp as I believe their existing leasehold properties and contemplated acquisitions will create an outstanding operating platform that should benefit all companies in the future.
In over half of the 109 leasehold interests acquired, Fog Cutter Retail Investors LLC has the option to purchase the underlying real estate under various agreements.
The Company's focus is to obtain leasehold interest in acreage within the Powder River Basin that is in proven geologic settings (known productive coal seams) and is adjacent or near developed leases, which are held by larger CBM developers and operators such as Devon Energy (NYSE:DVN), Western Gas Resources (NYSE:WGR), Williams Companies (NYSE:WMB), Phillips Petroleum (NYSE:P), J.
Some of the land tenants have borrowed money secured by their leasehold interests to develop their leaseholds or operate their businesses, but all of these tenant leasehold mortgages are subordinated to HRPT's land ownership.
Approximately 99% of the Damon lands have been leased to third party tenants (under 186 separate leases) who have developed various buildings and businesses on their leaseholds.
consisting of 19,000 acres of geothermal leaseholds, and the New York Canyon prospect, located in Pershing and Churchill Counties, consisting of 27,000 acres.
NGLD:OTCBB) announced today that it has recently signed a letter of intent to joint venture two separate leasehold mining interests in Lander County, Nevada.
For more information regarding the disposition of these leaseholds for Breuners Home Furnishings Corp.