new lease

new lease
A term of significance in the law of landlord and tenant. Under an agreement among the executor of a lessor, the lessee, and one who desired to acquire the residue of the term, that the lessee should be released from liability, the lease surrendered, and a "new lease" executed for the residue of the term "on the same terms and conditions in all respects" as the original lease, the phrase "new lease" is referable to the document and not to the agreement creating the relation of landlord and tenant; hence, the new tenant is entitled to a lease containing the same option to purchase as was in the original lease. 32 Am J1st L & T § 308.

Ballentine's law dictionary. . 1998.

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