Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Leasehold
n. A tenant's possessory estate in land or premises, the four types being the tenancy for years, the periodic tenancy, the tenancy at will, and the tenancy at sufferance. ( Although a leasehold has some of the characteristics of real property, it has historically been classified as a chattel real. - Also termed leasehold estate; leasehold interest. See TENANCY. Cf. FREEHOLD.
leasehold estate
See LEASEHOLD.
leasehold improvements
Beneficial changes to leased property (such as a parking lot or driveway) made by or for the benefit of the lessee. ( The phrase is used in a condemnation proceeding to determine the share of compensation to be allocated to the lessee.
leasehold interest
1 LEASEHOLD; esp., for purposes of eminent domain, the lessee's interest in the lease itself, measured by the difference between the total remaining rent and the rent the lessee would pay for similar space for the same period. 2. A lessor's or lessee's interest under a lease contract. UCC ยง 2A-103. 3. WORKING INTEREST. leasehold mortgageSee MORTGAGE.
leasehold mortgage
A mortgage secured by a lessee's leasehold interest.
leasehold mortgage bond
See BOND (3)
leasehold value
The value of a leasehold interest. ( This term usu. applies to a long-term lease when the rent paid under the lease is lower than current market rates. Some states permit the lessee to claim the leasehold interest from the landlord in a condemnation proceeding, unless the lease prohibits such a claim. Other states prohibit these claims by statute. See LEASEHOLD INTEREST; NO-BONUS CLAUSE.
leasehold-mortgage bond
A bond issued by a lessee and secured by the lessee's leasehold interest.