Special | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL
L |
|---|
LeaseAn agreement in which the owner of a fee interest transfers to a lessee
the right of exclusive possession and use of an area of land or water for a
fixed period, which may be renewable. The lessor cannot readily revoke
the lease at his or her discretion. The lessee pays rent periodically or
as a single payment. The lessor must be able to regain possession of the
lessee's interest (leasehold interest) at the end of the lease term. An
agreement that does not correspond to this definition is not a lease even if it
is labeled as one. | |
Lease/LeaseholderA contract in which the fee owner transfers to a lessee the right of exclusive possession and use of an area of land or water for a fixed period, which may be renewable. The agreement (lease) cannot be readily revoked at the lessor’s discretion. Lessor must be able to regain possession of the interest at the end of the lease term (temporary ownership). | |
Life EstateAn estate in real property limited to the remaining lifetime of a designated individual(s). The life estate ends at the death of the original holder of the life estate even if that individual transferred some or all of the rights in the life estate to another entity. | |
LoanA Federal loan or loan guarantee received or administered by a non-Federal entity, except as used in the definition of program income in this section. (1) The term “direct loan” means a disbursement of funds by the Federal Government to a non-Federal borrower under a contract that requires the repayment of such funds with or without interest. The term includes the purchase of, or participation in, a loan made by another lender and financing arrangements that defer payment for more than 90 days, including the sale of a Federal Government asset on credit terms. The term does not include the acquisition of a federally guaranteed loan in satisfaction of default claims or the price support loans of the Commodity Credit Corporation. (2) The term “direct loan obligation” means a binding agreement by a Federal awarding agency to make a direct loan when specified conditions are fulfilled by the borrower. (3) The term “loan guarantee” means any Federal Government guarantee, insurance, or other pledge with respect to the payment of all or a part of the principal or interest on any debt obligation of a non-Federal borrower to a non-Federal lender, but does not include the insurance of deposits, shares, or other withdrawable accounts in financial institutions. (4) The term “loan guarantee commitment” means a binding agreement by a Federal awarding agency to make a loan guarantee when specified conditions are fulfilled by the borrower, the lender, or any other party to the guarantee agreement. | |
Local GovernmentAny unit of government within a state, including a: (1) County; (2) Borough; (3) Municipality; (4) City; (5) Town; (6) Township; (7) Parish; (8) Local public authority, including any public housing agency under the United States Housing Act of 1937; (9) Special district; (10) School district; (11) Intrastate district; (12) Council of governments, whether or not incorporated as a nonprofit corporation under State law; and (13) Any other agency or instrumentality of a multi-, regional, or intra-State or local government. | |