Lease

(lēēs.) [From Fr. lai er, to permit.] (Law.) A demise of lands or tenements, generally in consideration of rent or other annual compensation, for a term of years, for life, or at will. The party letting the property is termed the le or, and the party to whom it is let, the le ee. The lease must be for a shorter time than that during which what is leased belongs to the le or, since, if it be for his whole term, it is not a L., but an a ignment. -Leasehold property is, as the name implies, lands or tenements held by lease. [s. 533]