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.
Minnesota is a U.S. state located in the Midwestern United States. Minnesota was carved out of the eastern half of the Minnesota Territory and admitted to the Union as the thirty-second state on May 11, 1858. Known as the “Land of 10,000 Lakes”, the state’s name comes from a Dakota word for “sky-tinted water”. Those waters, together with forests, parks, and wilderness areas, offer residents and tourists a variety of outdoor recreational opportunities.
Minnesota is the 12th most extensive and the 21st most populous of the 50 United States. Nearly 60% of Minnesota’s residents live in the Minneapolis-Saint Paul metropolitan area known as the “Twin Cities”, the center of transportation, business, industry and education, and home to an internationally known arts community. The remainder of the state consists of western prairies now given over to intensive agriculture; deciduous forests in the southeast, now cleared, farmed and settled; and the less populated North Woods, used for mining, forestry, and recreation.