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.
Oklahoma is a state located in the South Central region of the United States of America. Oklahoma is the 20th most extensive and the 28th most populous of the 50 United States. The state’s name is derived from the Choctaw words okla and humma, meaning “red people”, and is known informally by its nickname, The Sooner State. Formed by the combination of Oklahoma Territory and Indian Territory on November 16, 1907, Oklahoma was the 46th state to enter the union. Its residents are known as Oklahomans or, informally “Okies”, and its capital and largest city is Oklahoma City.
A major producer of natural gas, oil, and agriculture, Oklahoma relies on an economic base of aviation, energy, telecommunications, and biotechnology. It has one of the fastest growing economies in the nation, ranking among the top states in per capita income growth and gross domestic product growth. Oklahoma City and Tulsa serve as Oklahoma’s primary economic anchors, with nearly 60 percent of Oklahomans living in their metropolitan statistical areas.