lessee vs lessor
Definitions
noun
- a tenant who holds a lease
Examples
If the covenant has the meaning suggested by the lessees, the lessors are liable for breach of the implied covenant.
That benefits the lessee: it removes a possible bar to registration.
In the lease the lessee's covenants were contained in clause 4.
Definitions
noun
- someone who grants a lease
Examples
Article 4A lessee and a lessor shall classify a lease as a financing lease or an operating lease on the lease beginning date.
In an operating lease the lessor retains the usual risks and rights of owning the asset.
They don't have to worry about resale values or market conditions - the legal ownership of the car remains with the finance company or lessor who may repossess the vehicle in the event of missed payments.
