proprietary lease

Definition

A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's right as a tenant to an individual apartment.

Use proprietary lease in a sentence

The proprietary lease was really cool to me and I was glad to be the one in charge of them and giving them out.

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You should try to make sure that you fulfill everything in the deal when you will be taking on any proprietary lease.

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Since the the building was a coop, all tenants signed a proprietary lease and became shareholders of the building as well.

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