Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments. The lessee is the receiver of the services or the assets under the lease contract and the lessor is the owner of the assets. The relationship between the tenant and the landlord is called a tenancy, and can be for a fixed or an indefinite period of time (called the term of the lease). The consideration for the lease is called rent. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from lawnmowers and washing machines to handbags and jewellry.
Under normal circumstances, a freehold owner of property is at liberty to do what they want with their property, including destroy it or hand over possession of the property to a tenant. However, if the owner has surrendered possession to another (the tenant) then any interference with the quiet enjoyment of the property by the tenant in lawful possession is unlawful. Similar principles apply to real property as well as to personal property, though the terminology would be different. Similar principles apply to sub-leasing, that is the leasing by a tenant in possession to a sub-tenant. The right to sub-lease can be expressly prohibited by the main lease.
Kentucky, officially the Commonwealth of Kentucky, is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth (the others being Virginia, Pennsylvania, and Massachusetts). Originally a part of Virginia, in 1792 Kentucky became the 15th state to join the Union. Kentucky is the 37th most extensive and the 26th most populous of the 50 United States.
Kentucky is known as the “Bluegrass State”, a nickname based on the fact that bluegrass is present in many of the pastures throughout the state, because of the fertile soil. It made possible the breeding of high-quality livestock, especially thoroughbred racing horses. It is a land with diverse environments and abundant resources, including the world’s longest cave system, Mammoth Cave National Park; the greatest length of navigable waterways and streams in the contiguous United States; and the two largest man-made lakes east of the Mississippi River. It is also home to the highest per capita number of deer and turkey in the United States, the largest free-ranging elk herd east of Montana, and the nation’s most productive coalfield. Kentucky is also known for horse racing, bourbon distilleries, bluegrass music, automobile manufacturing, tobacco and college basketball.