n.
 a contract by which one party conveys land, property, services, etc. to another for a specified time.
v.
  - grant (property) on lease; let.
- take (property) on lease; rent.
Phrase
  
    
      - a new lease of 
(or N. Amer. on)
 life
 a substantially improved prospect of life or use after rejuvenation or repair.
 
  Derivative
  
  Etymology
  ME: from OFr. lais, leis, from lesser, laissier ‘let, leave’, from L. laxare ‘make loose’, from laxus ‘loose, lax’.