lease
I
 /ˈliːs/  noun  ,  pl   leas·es [  count  ]
  : a legal agreement that lets someone use a car, house, etc., for a period of time in return for payment
   sign a lease
   They took out a five-year lease on the house.
   We hold leases on both of our cars.
   The lease expires next month. = The lease runs out next month.
  a new lease on life  (US)   ( or Brit   a new lease of life)
   : a chance to continue living or to become successful or popular again
    This medicine gives patients a new lease on life.
    After they made the movie, the book got a new lease on life. [=the book became newly popular]
    The band has given this style of music a new lease on life.
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II
  verb  , leases, leased, leas·ing [  + obj  ]
  1 : to use (something) for a period of time in return for payment
   She leases a red convertible.
   I have leased this house for the last four years.
  2 : to allow someone to use (something) for a period of time in return for payment
   We leased the house to a young married couple.