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  • A lease is a legal agreement that provides for the use of something - typically real estate or equipment - in exchange for payment.

    Once a lease is signed, its terms, such as the rent, cannot be changed unless both parties agree. A lease is usually legally binding, which means you are held to its terms until it expires. If you break a lease, you could be held liable in court.

  • A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent).

    National Credit Union Administration - Cite This Source - This Definition

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