lessee


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Related to lessee: lessor

Lessee

One who rents real property or Personal Property from another.

A lessee of land is a tenant.

Cross-references

Landlord and Tenant.

lessee

n. the person renting property under a written lease from the owner (lessor). He/she/it is the tenant and the lessor is the landlord. (See: lease, lessor, tenant, landlord, landlord and tenant)

lessee

noun boarder, conductor, holder of an estate by virtue of a lease, leaseholder, lodger, occupant, occupier, person in possession, possessor, property holder, rent payer, rentee, renter, resident, roomer, tenant
See also: consumer, customer, lodger, occupant, tenant

lessee

a person to whom a LEASE is granted; a tenant under a LEASE.

LESSEE. He to whom a lease is made. The subject will be considered by taking a view, 1. Of his rights. 2. Of his duties.
     2.-1. He has a right to enjoy the premises leased for the term mentioned in the lease, and to use them for the purpose agreed upon. He may, unless, restrained by the covenants in the lease, either assign it, or underlet the premises. 1 Cruise, Dig. 174. By an assignment of the lease is meant the transfer of all the tenant's interest in the estate to another person; on the contrary, an underletting is but a partial transfer of the property leased, the lessee retaining a reversion to himself.
     3.-2. The duties of the lessee are numerous. First, he is bound to fulfill all express covenants he has entered into in relation to the premises leased; and, secondly, he is required to fulfill all implied covenants, which the relation of lessee imposes upon him towards the lessor. For example, he is bound to put the premises to no other use than that for which it was hired; when a farm is let to him for common farming purposes, he cannot open a mine and dig ore which may happen to be in the ground; but if the mine has been opened, it is presumed both parties intended it should be used, unless the lessee were expressly restrained; 1 Cruise, Dig. 132. He is required to use the property in a tenant-like and proper manner; to take reasonable care of it and to restore it at the end of his term, subject only to the deterioration produced by ordinary wear and the reasonable use for which it was demised. 12 M. & W. 827. Although he is not bound, in the absence of an express covenant, to rebuild in case of destruction by fire or other accident, yet he must keep the house in a habitable state if he received it in good order. See Repairs. The lessee is required to restore the property to the lessor at the end of the term.
     4. The lessee remains chargeable, after an assignment of his term, as before, unless the lessor has accepted the assignee; and even then he continues liable in covenant on an express covenant, as for repairs, or to pay rent; 2 Keb. 640; but not for the performance of an implied one, or, as it is usually termed, a covenant in law. By the acceptance, he is discharged from debt for arrears of future rent. Cro. Jac. 309, 334; Ham. on Parties, 129, 130.
     Vide Estate for years; Lease;, Notice to quit: Tenant for years; Underlease.

References in periodicals archive ?
Leasing agreements: All rents paid by a lessee for using the property must reflect FMV, and all leasing arrangements must be bona fide.
The appellate court said that to show that the appraisers owed the lessees a duty, the lessees had to allege that the appraisals were intended to benefit or influence them.
A lessee who is a registrant is eligible to claim an ITC for GST/HST paid on vehicle repairs for a leased vehicle covered by an insurance policy, if the lessee is the recipient of the repairs and the other conditions in section 169 respecting ITCs are satisfied.
Each basic option formula has its own particular set of problems, but a common problem shared by all formulas is that the terms and conditions of the option provisions are, most probably, absolutely and irrevocably binding on the lessor while being binding to the lessee only if exercised.
LeaseAccelerator develops, sells, and supports a suite of software services for global equipment lessees called "LeaseAccelerator.
A bargain purchase option is a "provision allowing the lessee, at his option, to purchase the leased property for a price which is sufficiently lower than the expected fair value of the property at the date the option becomes exercisable that exercise of the option appears, at the inception of the lease, to be reasonably assured.
The successful Lessee will be subject to strict guidelines as far as personnel access and maintenance of a
A lease is a contractual agreement that (1) conveys to the lessee the right to use property legally owned by the lessor and (2) obligates the lessee to compensate the lessor for the use of the property.
The lessor owns the car, unless the lessee options to buy it at the end-of-term or refinances the remaining amount.
Setting the price isn't an exact science, and both the lessee and the lessor are exposed to potential risks.
The present value of lease rentals which the lessor will receive from the lessee does not exceed 90 per cent of the fair value of the asset.
Some operating leases have additional features that possess value for the lessee.