Source : Webster's Revised Unabridged Dictionary (1913)

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®

leased
     adj : hired for the exclusive temporary use of a group of
           travelers; "a chartered plane"; "the chartered buses
           arrived on time" [syn: {chartered}, {hired}] [ant: {unchartered}]