The lessee’s interest or position in a lease. Essentially consists of the lessee’s use and enjoyment of a property or space for the term of the lease, as long as they pay the rent. Leaseholds are generally the building only. Think “holds are high” and “fees are flat” (land). Leaseholds must have a cross-reference to the Leased Fee Interest in the external property notes. If a party acquires both the leased fee and the leasehold interests INSERT COMMA the interests are merged and the property is held in fee simple.