noun
definition
The owner of property that is leased.
Examples of lessor in a Sentence
At harvest-time the produce is placed in the barns of the lessor, who first deducts 25% as premium, then 16% for battiteria (the difference between corn before and after winnowing), then deducts a proportion for rent and subsidies, so that the portion retained by the actual tiller of the soil is extremely meagre.
On his side, again, the subtenant, by accepting that position, is estopped from denying that his lessor's title (whatever it be) is good.
At common law, it was said that covenants " ran with the land " but not with the reversion, the assignee of the reversion not having the rights of the original lessor.
A covenant not to assign without the lessor's assent runs with the land and applies to a re-assignment to the original lessee.
The drilling of petroleum wells is carried on by individuals or companies, either on lands owned by them, or on properties whose owners grant leases, usually on condition that a certain number of wells shall be sunk within a stated period, and that a portion of the oil obtained (usually from one-tenth to one-fourth) shall be appropriated as royalty to the lessor.
The only realistic value is the rent, what a willing lessee will pay a willing lessor for a perpetually renewable annual lease.
With the recruitment of such high caliber staff we continue to position the company as a leading independent lessor of locomotives in mainland Europe.
Locomotion Capital leases locomotives in six European countries and is the continentâs largest and most diversified lessor of railroad locomotives.
Any intermediate lessor must be within the same group of companies as the tonnage tax company.
The latter two changes counter arrangements to transfer the benefit of unused allowances to a finance lessor.
Leasing equipment could act to shift the initial financing costs away from the individual and on to the equipment lessor.
The lessor would report financial assets (representing amounts receivable from the lessee) and residual interests as separate assets.
Whether a particular instrument is a lease, or an agreement for a lease, or a bare licence, is a question the answer to which depends to a large extent on the circumstances of individual cases; and the only general rule is that in a lease there must be an expression of intention on the part of the lessor to convey, and of the lessee to accept, the exclusive possession of the thing let for the prescribed term and on the prescribed conditions.
An assignment which creates the relationship of landlord and tenant between the lessor or lessee and the assignee, must be by deed, but the acceptance by a landlord of rent from a tenant under an invalid assignment may create an implied tenancy from year to year; and similarly payment of rent by a tenant may amount to an acknowledgment of his landlord's title.
Those interested in commercial packages will find that niche markets are offered, such as that in main street businesses, printers, office content, lessor's risk, metalworkers, and apartments.
An alien was, at common law, incapable of being either a lessor or a lessee.
But as between the subtenant and his immediate lessor the subtenancy will be good, and should the interest of the lessor become greater than it was when the subtenancy was created the subtenant will have the benefit of it.
The component parts of a lease are the parties, the recitals (when necessary) setting out such matters as the title of the lessor; the demise or actual letting (the word " demise " is ordinarily used, but any term indicating an express intention to make a present letting is sufficient); the parcels in which the extent of the premises demised is stated; the habendum (which defines the commencement and the term of the lease), the reddendum or reservation of rent, and the covenants and conditions.
Thus a lessee is under an implied obligation to treat the premises demised in a tenant-like or " husband-like " manner, and again, where in a lease by deed the word " demise " is used, the lessor probably covenants impliedly for his own title and for the quiet enjoyment of the premises by the lessee.
A covenant by the lessor, limited to his own acts and those of persons claiming under or through him, for the "quiet enjoyment" by the lessee of the demised premises, and covenants by the lessee to pay rent, to pay taxes, except such as fall upon the landlord, to keep the premises in repair, and to allow the landlord to enter and view the condition of the premises may be taken as typical instances of " usual " covenants.
As instances of " collateral " covenants, we may take a covenant by a lessor to give the lessee a right of pre-emption over a piece of land adjoining the subject of the demise, or in the case of a lease of a beer-shop, not to keep any similar shop within a prescribed distance from the premises demised, or a covenant by a lessee to pay rates on premises not demised.
Another form of alteration in a contract of tenancy is an under-lease, which differs from assignment in this - that the lessor parts with a portion of his estate instead of, as in assignment, with the whole of it.
Under these acts a right of reentry or forfeiture is not to be enforceable unless and until the lessor has served on the lessee a written notice specifying the breach of covenant or condition complained of, and requiring him to remedy it or make compensation, and this demand has not within a reasonable time been complied with; and when a lessor is proceeding to enforce such a right the court may, if it think fit, grant relief to the lessee.
Forfeiture only renders a lease void as regards the lessee; it may be waived by the lessor, and acceptance by the landlord of rent due after forfeiture, with notice of such forfeiture.
No refund is payable if the produce was severed before the accident, unless the lessor was entitled to a portion of it, when he must bear his share of the loss, provided the lessee was not in morel as regards the delivery of the lessor's portion.