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According to the Civil Code of the Republic of Lithuania, under a contract of lease of an enterprise, the lessor assumes an obligation to grant to the lessee temporary possession and use for payment an enterprise as a property complex used for business purposes, while the lessee undertakes an obligation to pay the payment of the lease. The granting of an enterprise as a property complex to the lessee shall also comprise a transfer of the plot of land, buildings, construction works, installations, equipment, other means of production specified in the contract, raw materials, stocks, working capital, rights to the use of land, water and other natural resources, buildings, construction works or installations; likewise, any other property rights connected with the enterprise, the rights to the product or service mark and the name of the firm as well as other exclusive rights.
The transfer of an enterprise as a property complex also comprises the assignment of the rights to claims and obligation of debts determined in the lease contract. The transfer of the rights of possession and use of the property which is in the ownership of other persons, likewise the transfer of rights of possession and use of land and other natural resources are effectuated in accordance with the procedure established by laws.
The rights of the lessor acquired by him on the basis of an authorization (license) may not be transferred to the lessee under the lease contract of the enterprise, except in cases provided for by laws or the contract. The inclusion in the composition of obligations of the transferable enterprise of such obligations whose performance by the lessee is impossible in the absence of pertinent authorization does not relieve the lessor from the relevant obligations to the creditors.
Form of a contract - a lease contract of an enterprise is concluded in written form by means of drawing up one document. The failure to comply with the requirements to the form of the lease contract of the enterprise renders the contract null and void. A lease contract can be invoked against third persons only where it has been registered in the Public Real Property Register and the Register of Enterprises.
Unless otherwise provided for by the lease contract, the lessee has the right, without the consent of the lessor, to sell, exchange, transfer for temporary use raw materials, stocks, manufactured products which are part of the property of the leased enterprise, sublease them and transfer his rights and obligations in respect of those valuables under the lease contract, on condition that this does not entail violation of the provisions of the lease contract and reduction of the value of the enterprise. Unless otherwise provided for by the lease contract, the lessee has no right, without the consent of the lessor, to make changes in the leased enterprise as a property complex, perform its reconstruction, modernization, expansion of its capacity, technical re-equipping or introduce any other transformations.