Definition - What does Lessee mean?
A Lessee is a person who rents a property or land from a lessor. The individual uses the leased property in exchange of payment of funds. The person can enjoy the premises leased for the terms that are cited in the lease and make use of them for the time agreed. The assignment of the lease transfers all the lessor’s interests to the Lessee in the estate. Under-letting is also a king of assignment of transferring interests of the leased property partially.
Petropedia explains Lessee
Lessee is a term given to a tenant who rents a real estate. The person can have the right to sub-lease the assets to a third party. The Lessee gets bound to numerous duties and he/she has to fulfill all the expressed covenants entered in the relation to premises leased. The person is also required to conform to all the covenants implied that are imposed on him/her towards the lessor. The person must use the property in a proper and tenant-like manner, take reasonable care of the property and restore it when the term ends.
Unlocking Unconventional Energy Potential Through Hydraulic Fracturing