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.
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware. New Jersey is the 4th least extensive, but the 11th most populous and the most densely populated of the 50 United States. New Jersey lies mostly within the sprawling metropolitan areas of New York City and Philadelphia. It is also the third wealthiest by 2009-2010 median household income.
The area was inhabited by Native Americans for more than 2,800 years, with historical tribes such as the Lenape along the coast. In the early 17th century, the Dutch and the Swedes made the first European settlements. The British later seized control of the region, naming it the Province of New Jersey. It was granted as a colony to Sir George Carteret and John Berkeley, 1st Baron Berkeley of Stratton. At this time, it was named after the largest of the British Channel Islands, Jersey, where Carteret had been born. New Jersey was the site of several decisive battles during the American Revolutionary War.