|1.||a contract by which property is conveyed to a person for a specified period, usually for rent|
|2.||the instrument by which such property is conveyed|
|3.||the period of time for which it is conveyed|
|4.||a prospect of renewed health, happiness, etc: a new lease of life|
|5.||to grant possession of (land, buildings, etc) by lease|
|6.||to take a lease of (property); hold under a lease|
|[C15: via Anglo-French from Old French lais (n), from laissier to let go, from Latin laxāre to loosen]|
A contract that grants possession of property for a specified period of time in return for some kind of compensation.
new lease on life
A fresh start; renewed vigor and good health, as in Since they bought his store Dad has had a new lease on life. This term with its allusion to a rental agreement dates from the early 1800s and originally referred only to recovery from illness. By the mid-1800s it was applied to any kind of fresh beginning.