Lease

Lease means:
a contract or agreement in which, in return for the payment of rent, the one entitled to the possession of real property (the lessor) transfers those rights to another (the lessee) for a specified period of time.

Example of Lease:

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Charlie leases office space from Baker. Under the lease signed by the parties, Charlie is allowed to conduct business activities within the office space, subject to specified restrictions, for a specified period of time. In turn, Baker is entitled to receive a specified amount of rent according to a specified schedule of payments.

With bargain purchase options or lengthy or bargain renewal options, a lease can be devised whereby the risks and rewards of ownership are shifted to the tenant.