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Simple English definitions for legal terms
“or” lease
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A quick definition of “or” lease:
A lease is a contract where someone who owns property lets someone else use it in exchange for money. The lease can be for a certain amount of time or until one of the parties decides to end it. There are different types of leases, like a commercial lease for businesses or a month-to-month lease with no written contract. When someone leases property, they are called the lessee, and the person who owns the property is called the lessor.A more thorough explanation:
Definition: An "OR" lease is a type of lease agreement where the lessee has the option to choose between two different lease terms.
For example, a landlord may offer an "OR" lease for a commercial property where the lessee can choose between a short-term lease of six months or a long-term lease of two years. The lessee can choose the lease term that best suits their needs.
This type of lease provides flexibility for the lessee and allows them to make a decision based on their current situation. It also benefits the landlord by attracting a wider range of potential tenants.