A Delaware lease is a formally drafted lease agreement which is framed by and between two parties, one of which is a lessor and the other is a lessee (both belonging to the state of Delaware). The entity which is being leased must also be a property of the state of Delaware. These lease agreements are legal in nature and the terms and conditions that they contain are also enforceable under the federal laws of the state of Delaware and that is the reason why such lease documents get the name ‘Delaware lease’.
Any Delaware lease must consist of the details of the asset of entity which is being put to lease along with the details of the lessor and the lessee. Another important part of such lease documents is the part where the important dates such as commencement date, termination date etc are mentioned so as to clear any confusions or misunderstandings.
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