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| Lean mortar
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Mortar mix, which has a shortage of sand, making the mortar stick to the trowel. |
| Lean-to
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A shed with a one-slope roof with the upper end of the rafters "leaning" against an external source. |
| Lean-to rafter
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Rafter, on the roof of a lean-to, reaching from the top plate of a high wall to the top plate of a low wall. |
| Lean-to-roof
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The sloping roof of a building addition having its rafters or supports pitched against and supported by the adjoining wall of a building. |
| Leaning edge
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The factory made tapered ends of the long side of a wallboard panel. |
| Lease
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Payment of rent by the lessee to the lessor, for the use of real property for a stated time period. |
| Lease agreement
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Binding agreement containing the terms of a renter's occupancy. |
| Lease option
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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. |
| Leased fee
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The landlord's ownership interest of a property that is under lease. |
| Leasehold
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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. As rental payments are made, rent expense is charged. When the rental is paid in advance, a Prepaid Rent account is recorded that has to be allocated into expense over the rental period. If the prepayment is for a longtime lease, however, it is recorded as a Deferred Charge and then amortized. The amortization entry for a long-term lease is to charge rent expense and credit leasehold. |
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