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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 notarized lease agreement is of evidenciary value authenticating that the lessor and the lessee who are parties to the said lease agreement and have executed the same are the same persons who are mentioned in the lease deed. The notary notes the contents of the lease agreement in his register of notaries .