leaselease1 /liːs/ ●○○ noun [countable] 🔊 🔊 1SCLBORROWa legalagreement 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.