Late Payment
Payment received after the due date.

Lease
Payment of rent by the lessee to the lessor, for the use of real property for a stated time period.

Lease Agreement
Binding agreement containing the terms of a renter's occupancy.

Lease Option
Agreement, specified in the lease, which provides the tenant the option to renew the lease for a given time period upon the expiration of the initial lease. Most lease options include the landlord's right to increase the rent upon renewal.

Lease With Option to Purchase
Lease, which contains the right of the lessee to buy the property at the end of the lease term.

Leased Fee
The landlord's ownership interest of a property that is under lease.

Leasehold
Agreement between the lessee and lessor specifying the lessee's rights to use the leased property for a given time at a specified rental payment.

Leasehold Estate
Possession and use of a property estate by virtue of a lease. There are four types of leasehold estates: estate for years, periodic tenancy, tenancy at will, and tenant at sufferance.

Leasehold Improvements
Fixtures attached to real estate that are generally acquired or installed by the tenant.

Leasehold Mortgage
Mortgage collateralized by a tenant's interest, usually structural improvements, in a lease parcel of property.

Leasehold Value
The value of a tenant's interest in a lease, especially when the rent is below market and the lease has a long remaining term.