Lewis County in southwest Washington can truly be called the âmother of counties.â Half of the present-day Washington and of British Columbia were carved from its original borders. But the countyâs location astride the Cowlitz Trail between the Columbia River and Puget Sound meant that communities with good water access would develop first.
lease. 1  a contract by which one party (landlord, or lessor) gives to another (tenant, or lessee) the use and possession of lands, buildings, property, etc. for a specified time and for fixed payments. 2  the period of time for which such a contract is in force: a two-year lease. 3  the property that is leased.
DEFINITION of 'Leasehold'. An accounting term used to classify an asset on a company's balance sheet that is leased. In order to be classified as a leased asset, the firm must enter into a lease agreement that is an operating lease, and not a capital lease.