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Simple English definitions for legal terms
leasehold improvements
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A quick definition of leasehold improvements:
Leasehold improvements are changes made to a rented property that benefit the tenant. For example, adding a parking lot or driveway. When the property is taken over by the government, the tenant may receive compensation for these improvements.
A more thorough explanation:
Definition: Leasehold improvements refer to beneficial changes made to a leased property by or for the benefit of the lessee. These improvements can include things like adding a parking lot or driveway to the property.
For example, if a business leases a storefront and decides to install new lighting fixtures, paint the walls, and add new flooring, these would all be considered leasehold improvements. These changes are made to improve the functionality or appearance of the space and are typically paid for by the lessee.
The phrase "leasehold improvements" is also used in legal proceedings, such as a condemnation case, to determine how compensation should be allocated between the lessor and lessee. In such cases, the lessee may be entitled to a portion of the compensation if they have made significant improvements to the property.