What are leases? Explain different types of leases

What are leases?

A lease is a legal agreement between a landlord (the property owner) and a tenant (the person renting the property) that gives the tenant the right to use and occupy the property for a specific period of time in exchange for regular payments to the landlord. A lease typically includes details such as the length of the lease term, the amount of rent to be paid, and any restrictions on the use of the property. Leases can be for residential properties, such as apartments or houses, or for commercial properties, such as office buildings or retail spaces. The terms of the lease are binding on both the landlord and the tenant, and both parties have certain rights and responsibilities under the lease agreement.

Explain different types of leases

There are several types of leases, including:

Gross lease: The tenant pays a fixed rental amount to the landlord, who is responsible for all property expenses, including taxes, insurance, and maintenance.

Net lease: The tenant pays a fixed rental amount plus a portion of the property expenses. There are three subtypes of net leases: single net lease, double net lease, and triple net lease.

Modified gross lease: A hybrid of gross and net leases, where the tenant pays a fixed rental amount and also pays a portion of the property expenses.

Percentage lease: The tenant pays a base rent plus a percentage of their sales. This type of lease is commonly used for retail spaces.

Operating lease: The tenant rents the property for a short-term, typically used for equipment or vehicles.

Master lease: A landlord leases a property to a tenant, who then subleases it to other tenants. This is often used for commercial properties, such as shopping centers.

Ground lease: A landlord leases land to a tenant, who then builds on the property and operates a business. The tenant is responsible for all expenses related to the improvements made on the property.

'Acharya Ramchandra Shukla' was born in 1884 in a village named Agona in Basti district, Uttar Pradesh, India. His father Pt. Chandrawali Shukla was a Sarayuparin Brahmin. He was a supervisor Kanungo and biased of Urdu. Shuklji had studied till the Intermediate. After this, he did the job. Then he left the job and became a teacher. He started writing in Hindi from his student life. Impressed by Shuklaji's ability, Nagari Pracharini Sabha, Kashi called him to work in the Hindi literature. Shuklaji was appointed Hindi teacher in Hindu University and later became the Head of Hindi Department. He died in 1941 AD. Following are the major compositions of Acharya Ramchandra Shukla- 'Charan Vinod', 'Radhakrishna Das', 'Chintamani Triveni', 'Surdas', 'Ras Mimamsa', 'History of Hindi literature' etc. He edited 'Bhramar Geetasar', 'Bharatendu Sahitya', 'Tulsi Granthavali' and 'Jayasi Granthavali'. The talent of Acharya Ramchandra Shukla Ji was multi-faceted. He was a great essayist, critic and thinker. He is considered the first basic critic of Hindi. His history of Hindi literature is considered to be superior in history. Acharya Ramchandra Shukla was the pride of Hindi. Full name of 'Dr. A.P.J. Abdul Kalam' was 'Dr. Avul Pakir Jainulabdeen Abdul Kalam'. He was born on October 15, 1931 at Dhanushkothi in the temple town Rameshwaram in Tamil Nadu. He was born in a poor family, but he was an exceptionally brilliant child. Kalam passed the B.Sc. examination from Saint Joseph College, Thiruchirapalli. He joined Madras Institute of Technology (MIT). His further knowledge in the field got upgraded when he joined Defense Research and Development Organization (DRDO) in 1958 and Indian Space Research Organization (ISRO) in 1963. He is known as the Missile Man of India. The various Indian Missiles of world order like Prithvi, Trishul, Akash, Agni, etc. are mainly the result of his efforts and caliber. Dr. A.P.J. Abdul Kalam became the 11th President of India. He served the country from 2002 to 2007. For his excellence and brilliance, he was awarded the prestigious Bharat Ratna in 1998; Padma Vibhushan in 1990; and Padma Bhushan in 1981. Dr Kalam expired on Monday 27 July 2015. He suddenly fell unconscious when he was delivering a lecture at the Indian Institute of Management at Shillong. On 30 July 2015, the former President was laid to rest at Rameswaram's Pei Karumbu Ground with full state honours. Over 350,000 people attended the last rites, including the Prime Minister, the governor of Tamil Nadu and the chief ministers of Karnataka, Kerala and Andhra Pradesh. Dr. A.P.J. Abdul Kalam was mainly interested in work. He was a bachelor. He was not interested in going abroad. He wanted to serve his motherland first. He said that he thinks his first and foremost duty is to serve his motherland. He was fond of music and the Koran and the Gita. Ever since becoming the head of the Indian State, he had been having interaction with children all over the country. He was by no means a miracle man. His advice to the youngster of the nation was to "dream dream and convert these into thoughts and later into actions".