ON LEASE Meaning and
Definition
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"On lease" refers to the act of allowing someone to rent or temporarily use a property or asset in exchange for regular payments or fees, known as lease payments. This arrangement is typically documented in a legal contract or agreement called a lease agreement, which outlines the terms and conditions of the lease.
When an asset, such as a property, vehicle, or equipment, is on lease, the lessee (the person or entity renting the asset) gains possessory rights and the use of the asset for a specific period of time, while the lessor (the owner of the asset) retains ownership. The lessee is responsible for complying with the terms of the lease, including making timely lease payments, maintaining the asset in good condition, and adhering to any specific restrictions or regulations outlined in the agreement.
The duration of a lease can vary, ranging from a few months to several years, depending on the terms agreed upon by both parties. In some cases, there may be an option to renew or extend the lease after its initial term expires, subject to negotiation and agreement.
The concept of leasing is common in various sectors, including real estate, automotive, technology, and equipment industries. It provides flexibility for individuals and businesses to acquire the use of assets without the capital investment required for outright purchase.
Common Misspellings for ON LEASE
- in lease
- kn lease
- ln lease
- pn lease
- 0n lease
- 9n lease
- ob lease
- om lease
- oj lease
- oh lease
- on kease
- on pease
- on oease
- on lwase
- on lsase
- on ldase
- on lrase
- on l4ase
- on l3ase
- on lezse
Etymology of ON LEASE
The word "lease" originated from the Old French term "les", which meant "freedom" or "quit". It eventually evolved to "laisser" in Middle English, meaning "to let go" or "release". In the 16th century, it took on the form "lease", referring to a contract that allowed someone to use or occupy property for a specific period in exchange for rent or payment. The addition of "on" in the phrase "on lease" simply indicates that something is held or used by someone through a lease agreement.
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