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| Leasehold estate
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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
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Fixtures attached to real estate that are generally acquired or installed by the tenant. Upon expiration of the lease, the tenant can generally remove them, provided such action does not damage the property or conflict with the lease. |
| Leasehold mortgage
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Mortgage collateralized by a tenant's interest, usually structural improvements, in a lease parcel of property. A leasehold mortgage is subordinate to the landlord's land lease since it is a second lien by order of priority on the property. |
| Leasehold value
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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. |
| Leather
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| Ledge
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A projection, ridge, or shelf. |
| Ledger
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(1) Also called a girt strip, this horizontal wooden beam is used as a floor joist support when framing is done with one-piece stud, which extend from the foundation to the roof and form the walls of all floors. (2) Book, which contains records of transactions, usually financial. |
| Leg
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A tile wall running alongside a bathtub or abutment. This term is sometimes used to describe a narrow strip of tile floor. |
| Leg of a fillet weld
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Legs of a triangle, which is formed when a weld is done at the intersection of materials to form a 90-degree angle. Two legs join for the right angle and the weld forms the side of the right-angled triangle that is opposite the right angle. |
| Legacy
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A gift by will. Something handed down by an ancestor. |
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