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Definition of First amendment lease. A lease which contains a first amendment clause. Used for lessees who may opt to purchase equipment early. Typically- includes a penalty for non-purchase or requires the lessee to renew for a fixed number of months. Used to shorten term and get operating lease treatment. Also called a Stretch Lease in Canada.
A modified gross lease is a rental agreement where, in addition to their rent, tenants pay a share of other costs associated with the property. Personal Finance. A lease establishes the relationship of landlord and tenant and is both a conveyance of a possessory estate in real property and a contract between the parties.