From Longman Dictionary of Contemporary Englishleaselease1 /liːs/ ●○○ noun [countable] 1 SCLBORROWa legal agreement which allows you to use a building, car etc for a period of time, in return for rentlease on They took out a lease on a seven-acre field. The landlord refused to renew his lease. The 99-year lease expired in 1999. Do you understand all the terms of the lease?2 → a new lease of lifeCOLLOCATIONSverbshave/hold a leaseWho has the lease on the flat?take (out) a lease (=start having a lease)He took a seven-year lease on the place.renew a lease (=keep a lease for a longer period of time)The company decided not to renew the lease on the office.grant somebody a lease (=let someone have a lease)The landlord may grant a lease for a short or long period.sign a lease (=agree to the legal details of a lease by signing it)He refused to sign the new lease because the rent was too high.a lease runs (=continues for a period of time)The lease will run for 21 years.a lease runs out (also a lease expires formal) (=it stops)Their lease runs out in June.adjectivesa short/short-term leaseThese flats are let on short leases to students.a long/long-term leaseWe’re negotiating a long-term lease on the building.a 20/30/40 etc year leaseThe company has acquired the building on a 30-year lease.the current/existing leaseThe current lease still has 12 years to run.lease + NOUNa lease agreementThe organization has signed a lease agreement on a 50-acre site. a lease paymentHe is struggling to afford the lease payments on the office. phrasesthe terms of a lease (=the legal details of it)Under the terms of the lease, the tenants have to pay for any repairs.
Examples from the Corpuslease• The tenant holds under an agreement for a lease.• Tissington however, did not hold on to his lease for very long.• a six-month lease on an apartment• For example some leases require the expert to receive submissions or evidence from the parties.• That flexibility might involve the offer of a short-term agreement or a long-term lease with an appropriate break clause.• Secondly, the purchaser will require the surveyor to assess potential liabilities under repairing obligations in the lease and in particular for dilapidations.• Yaki, who was instrumental in negotiating the leases as an aide to Rep.renew ... lease• He wanted a guarantee that he could renew the lease on expiry.• A typical instance where a solicitor is needed is renewing the lease at the end of the tenancy.• The landlord had not renewed Elgaen's lease, and he couldn't find a favorable north-end location in time.