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.
The State of Rhode Island and Providence Plantations, more commonly referred to as Rhode Island is a state in the New England region of the United States. Rhode Island is the least extensive, the 8th least populous, but the 2nd most densely populated of the 50 United States. Rhode Island is bordered by Connecticut to the west and Massachusetts to the north and east, and it shares a water boundary with New York’s Long Island to the southwest.
Rhode Island was the first of the 13 original colonies to declare independence from British rule, declaring itself independent on May 4, 1776, two months before any other state and the convention. The state was also the last to ratify the United States Constitution.
Rhode Island’s official nickname is “The Ocean State”, a reference to the state’s geography, since Rhode Island has several large bays and inlets that amount to about 14% of its total area. Its land area is 1,045 square miles (2706 km2), but its total area is significantly larger.