lessee

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Related to lessees: sublease

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 ?
We added a new section to explain how lessees can apply asset-based lease accounting and portfolio management software to simplify the process and enable all stakeholders to contribute to accurate and timely financial reporting.
In general, the proposed standard requires lessees to record and report as an asset the right to use the underlying asset, and to record and report as a liability the obligation to make lease payments over the lease term.
It was with this in mind that we took steps to update and improve this vital publication which we hope will help lessees to further understand the unique system they live in.
Equipment leasing, to put it simply, is the means by which one party, the lessor, lays out a capital sum for the acquisition of an asset, and another person, the lessee, uses that asset and in return pays a fee including rent, to the lessor.
Research within our membership has highlighted at least 21 areas where friction can be caused between lessees or where action by lessees can make things run more smoothly for everyone.
Under the Boards' proposed approach, lessees that currently classify leases as operating leases would certainly recognize more assets and liabilities on their balance sheets than is the case today under either U.
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.
But not all Owens Valley lessees are happy with the arrangements - especially as rents on contracts now are being raised annually.
However, most said it had been hard work, particularly as there was often little active support from other lessees.
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.
The Silverstein net lessees have the primary responsibility to market the office space consistent with their net leases.
The improvement is made under a lease either by the lessee (or sublessee), or by the lessor, of that portion of the building to be occupied exclusively by the lessee (or sublessee);