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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.
What is a Lease Notice?A lease notice is how the Tenant gives notice to the Landlord on such matters like breaches in the terms of the lease or demanding some form of remedy. However, it can also be used for something simple such as providing a notice the party intends to end the lease.