short lease
A lease of brief duration, often less than six months.
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sublease
sublease, n. A lease by a lessee to a third party, conveying some or all of the leased property for a shorter term than that of the lessee, who retains a reversion in the lease. — Also termed subtenancy; derivative lease; and (esp. in England) underlease. [Cases: Landlord and Tenant 80. C.J.S. Landlord and Tenant
paid up lease
paid-up lease. Oil & gas. A mineral lease that does not provide for delay-rental payments and does not subject the lessor to any covenant to drill. • In effect, the lessor makes all delay-rental payments, and perhaps a bonus, when the lease is signed. A paid-up lease may be used to lease a small area
operating lease
A lease of property (esp. equipment) for a term that is shorter than the property’s useful life. • Under an operating lease, the lessor is typically responsible for paying taxes and other expenses on the property. Cf. LEASE-PURCHASE AGREEMENT.
subjection
subjection. 1. The act of subjecting someone to something (their subjection to torture was unconscionable). 2. The condition of a subject in a monarchy; the obligations surrounding such a person (a subject, wherever residing, owes fidelity and obedience to the Crown, while an alien may be released at will from all such ties of subjection).
habendum clause
habendum clause (h[schwa]-ben-d[schwa]m). 1. The part of an instrument, such as a deed or will, that defines the extent of the interest being granted and any conditions affecting the grant. • The introductory words to the clause are ordinarily to have and to hold. — Also termed to-have-and-to-hold clause. [Cases: Deeds 120. C.J.S. Deeds §§
premises
premises (prem-[schwa]-siz). 1. Matters (usu. preliminary facts or statements) previously referred to in the same instrument (wherefore, premises considered, the plaintiff prays for the following relief). 2. The part of a deed that describes the land being conveyed, as well as naming the parties and identifying relevant facts or explaining the reasons for the deed.
de clerico capto per statutum mercatorium deliberando
de clerico capto per statutum mercatorium deliberando (dee kler-[schwa]-koh kap-toh p[schwa]r st[schwa]-tyoo-t[schwa]m m[schwa]r-k[schwa]-tor-ee-[schwa]m di-lib-[schwa]-ran-doh), n. [Law Latin “for delivering a clerk arrested on a statute merchant”] Hist. A writ ordering the release of a clerk imprisoned for breaching a statute merchant. — Often shortened to de clerico capto per statutum mercatorium.
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holdover tenant
A person who remains in possession of real property after a previous tenancy (esp. one under a lease) expires, thus giving rise to a tenancy at sufferance. — Sometimes shortened to holdover. See tenancy at sufferance under TENANCY. [Cases: Landlord and Tenant 114(3). C.J.S. Landlord and Tenant § 136(1, 2, 3, 4, 5).]