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Lease is a agreement by which an owner (the Landlord) of a specific asset (such as a parcel of land, building, equipment, or machinery) grants a second party (the Tenant) the right to its exclusive possession and use for a specific period and under specified conditions, in return for specified periodic rental or lease payments.

Landlord (Lessor) - An owner of property who rents it to another party, called a tenant.

Tenant (Lessee) - An individual or business which has possession of and pays rent for real estate owned by another party, called the landlord.

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