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building lease

noun

Definitions of building lease

  • a long-term lease allowing for building work or improvements on existing buildings. Building leases are granted in situations where the tenant wants to invest money in improving the land or property in a way that has been agreed with the ground lessor so that both parties may benefit from the investment. Unless otherwise agreed, all improvements will be owned by the building lessor. A building lease is often the subject of a sublease.

    "This lease is therefore actually a sublease and subject and subordinate to all of the terms and conditions of the Building Lease."

Phrase Bank for building lease