A master lease agreement is a contractual arrangement between two parties, typically a property owner (lessor) and a tenant (lessee). Understanding the nuances between agreements and contracts is crucial in the legal realm, focusing on enforceability and formality.This MASTER EQUIPMENT LEASE AND SERVICES AGREEMENT (this. A guide for buyers and investors on master lease agreements, including advice on buying commercial property and securing financing. Master leases should be renewed no later than 30 days after the new lease start date. Master leases are an absolute bond net lease where the landlord collects monthly rent and the tenant is responsible for paying all OpEx and CapEx. Statewide contracts leverage the state's collective buying power to help you save money, reduce risk, and streamline purchasing. The term of this Master Lease shall automatically terminate upon termination of the contract agreement for services between CSHCD and PHS. A Master Service Agreement (or MSA) is an agreement between two parties that list the terms and conditions that will govern their future business relationship.