lease - definition of lease - A written agreement under which a property owner allows a tenant to use the property for a specified period of time and rent.

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noun. a contract by which one party (landlord, or lessor) gives to another (tenant, or lessee) the use and possession of lands, buildings, property, etc. for a specified time and ...

lease   (l s) n. 1. a. A contract granting use or occupation of property during a specified period in exchange for a specified rent. b. The term or duration of such a contract.