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Definition of lease lease. (liːs ) countable noun. A lease is a legal agreement by which the owner of a building, a piece of land, or something such as a car allows someone else to use it for a period of time in return for money.
An application for grant of mining lease/reconnaissance permit/prospecting license shall be made to the State Government in Form 1/FormA/FormB respectively as per rule 22(1) of Mineral Concession Rule,1960. Application shall be accompanied by non-refundable fee calculated @ of Rs.
A legal contract for the right to work a mine and extract the mineral or other valuable deposits from it under prescribed conditions of time, price, rental, or royalties. Synonym of: mineral lease.
While leasing and renting share many similarities, there are some subtle distinctions between the two. The main difference is the length of tenancy. A rental agreement is usually short term or month-to-month, while a lease is typically for a longer period of time, usually six months or more.
A lease agreement is used when an individual offers to rent or lease an asset or property owned by the lessor. It is important to sign a lease agreement in order to protect both the lessor and the lessee.
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Mining Lease: A mining lease is a form of mineral title that entitles the lease holder to minerals within and under a defined leasehold area.
In simple terms, a lease is a contract that outlines the terms under which one party agrees to rent an asset. This asset is owned by another party. Thus a house lease is a contract under which a party agrees to rent a property that is owned by another party. It guarantees the lessee or tenant the use of the property.
Application: An application for the grant of a mining lease in respect of land in which the minerals vest shall be made to the State Government in Form I through such officer or authority as the State Government may specify in this behalf, along with documents specified under Rule 22 of MCR, 1960.
A mining lease is granted for a period of 50 years and cannot be renewed. The state government may renew a prospecting licence (which is usually granted for three years) subject to a maximum of five years provided an application for the renewal is made 90 days before expiry.
A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.

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