What (who) is lessee - definition

BUSINESS CONTRACT BETWEEN TWO PARTIES, THE LESSOR (OWNER) AND LESSEE (USER), FOR USE OF PROPERTY

Leasing; Tenancy agreement; Tenacy agreements; Leased; Leases; Land Lease; Lessee; Tenancy for years; Sublease; Sub-tenant; Sub-let; Sublet; Sublets; Lease contract; Equipment leasing; Asset finance; Sub-lease; Leasee; Equipment Lease; Affermage; Fermage; Land lease; Ground lease; Sublessor; Lease agreement; Periodic Tenancy; Head lease; Subletting; Sub-letting; Tenancy agreements; Business leasing; Subtenancy; Underlease; Land leasing; Property leasing

lessee

(lessees)

A lessee is a person who has taken out a lease on something such as a house or piece of land. (LEGAL)

N-COUNT

Lessee

·vt The person to whom a lease is given, or who takes an estate by lease.

lessee

[l?'si:]

¦ noun a person who holds the lease of a property.

Derivatives

lesseeship noun

Origin

C15: from OFr. lesse, past participle of lesser 'to let, leave', + -ee.

Wikipedia

Lease

A lease is a contractual arrangement calling for the user (referred to as the lessee) to pay the owner (referred to as the lessor) for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. Basically a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use.

The term rental agreement can refer to two kinds of leases:

A lease in which the asset is tangible property. Here, the user rents the asset (e.g. land or goods) let out or rented out by the owner (the verb to lease is less precise because it can refer to either of these actions). Examples of a lease for intangible property include use of a computer program (similar to a license, but with different provisions), or use of a radio frequency (such as a contract with a cell-phone provider).
A periodic lease agreement (most often a month-to-month lease) internationally and in some regions of the United States.

https://en.wikipedia.org/wiki/Lease

Examples of use of lessee

1. Negotiations with the lessee are conducted simultaneously with court proceedings.

2. The language says the lessee –– paying $6 million annually in rent –– is in charge.

3. The remedial period varies, depending on the agreement between the institution and the lessee.

4. At the same time, the lessee is liable to accept the alternate asset if it serves the same purpose as was achieved by the lessee from the originally provided asset.

5. The person who avails the property is called the lessee or the tenant.