net lease

a : a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner; also : the act of such conveyance or the term for which it is made — see also sublease — compare easement, license, security interest at interest 1, tenancy : the act of such conveyance or the term for which it is made — see also sublease — compare easement, license, security interest at interest 1, tenancy

Note: Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease as “a transfer of the right to possession and use of goods for a term in return for consideration.”

— building lease
: ground lease in this entry

— consumer lease
: a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household use

— finance lease
: a lease in which the lessor acquires goods from a supplier in accordance with the specifications of the lessee Note: Under section 2A-103 of the Uniform Commercial Code, before the lessor signs the lease or the lease becomes effective, the lessee must receive a copy of or approve of the contract by which the goods were acquired or must receive a statement of terms (as warranties, disclaimers, and liquidated damages) relating to the contract or notification of where such information can be obtained.

— ground lease
: a lease of land usually for a long term in consideration of the payment of rent and with the agreement that the lessee build or improve a structure on the land — called also building lease

— mineral lease
: a lease granting the right to work a mine and extract the minerals or other valuable deposits from it under prescribed conditions (as of time, price, or royalties) — called also mining lease

— net lease
: a lease requiring the lessee to assume all operation expenses (as for maintenance, insurance, and taxes) in addition to the payment of rent

— operating lease
: a lease of property and especially equipment for a term which is shorter than the property's useful life and in which the lessor is responsible for certain expenses (as taxes)

— perpetual lease
: a lease renewable forever at the lessee's option

— proprietary lease
: a lease used to convey to a member of a cooperative the exclusive possession of a residential unit

— true lease
: a lease that resembles a security agreement but retains the attributes of a lease

b : property and especially real property that is leased

: a contract by which a person provides labor or services for a price

: to be under a lease or subject to a lease the vacation house leases for $500 a week

: to be under a lease or subject to a lease the vacation house leases for $500 a week

: to grant property by a lease have leased to students in the past

: to grant property by a lease have leased to students in the past