Source : Webster's Revised Unabridged Dictionary (1913)

Lease \Lease\, n. [Cf. OF. lais. See {Lease}, v. t.]
   1. A demise or letting of lands, tenements, or hereditaments
      to another for life, for a term of years, or at will, or
      for any less interest than that which the lessor has in
      the property, usually for a specified rent or
      compensation.

   2. The contract for such letting.

   3. Any tenure by grant or permission; the time for which such
      a tenure holds good; allotted time.

            Our high-placed Macbeth Shall live the lease of
            nature.                               --Shak.

   {Lease and release} a mode of conveyance of freehold estates,
      formerly common in England and in New York. its place is
      now supplied by a simple deed of grant. --Burrill.
      --Warren's Blackstone.

Lease \Lease\, v. i. [AS. lesan to gather; akin to D. lezen to
   gather, read, G. lesen, Goth. lisan to gather; cf. Lith lesti
   to peck.]
   To gather what harvesters have left behind; to glean. [Obs.]
   --Dryden.

Lease \Lease\, v. t. [imp. & p. p. {Leased}; p. pr. & vb. n.
   {Leasing}.] [F. laisser, OF. laissier, lessier, to leave,
   transmit, L. laxare to loose, slacken, from laxus loose,
   wide. See {Lax}, and cf. {Lesser}.]
   1. To grant to another by lease the possession of, as of
      lands, tenements, and hereditaments; to let; to demise;
      as, a landowner leases a farm to a tenant; -- sometimes
      with out.

            There were some [houses] that were leased out for
            three lives.                          --Addison.

   2. To hold under a lease; to take lease of; as, a tenant
      leases his land from the owner.

Source : WordNet®

lease
     n 1: property that is leased or rented out or let [syn: {rental},
           {letting}]
     2: a contract granting use or occupation of property during a
        specified time for a specified payment
     3: the period of time during which a contract conveying
        property to a person is in effect [syn: {term of a
        contract}]
     v 1: let for money; "We rented our apartment to friends while we
          were abroad" [syn: {rent}]
     2: hold under a lease or rental agreement; of goods and
        services [syn: {rent}, {hire}, {charter}]
     3: grant use or occupation of under a term of contract; "I am
        leasing my country estate to some foreigners" [syn: {let},
         {rent}]
     4: engage for service under a term of contract; "We took an
        apartment on a quiet street"; "Let's rent a car"; "Shall
        we take a guide in Rome?" [syn: {rent}, {hire}, {charter},
         {engage}, {take}]