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A lease agreement is a legal contract between a landlord and tenant for the use of commercial or residential property in exchange for monthly rent. Tenant agrees to pay rent to: ,.When Tenants Want to Break Their Lease: A Guide to Early Termination for Landlords. When you rent a house or apartment to another person, you enter into a legal contract that creates a landlord-tenant relationship. The terms of your rental agreement are important for protecting your rights as a property owner. "Almost everyone rents housing at some point in life. What clauses are included in a lease? FormSwift's comprehensive lease agreements include the following sections. If the property goes into foreclosure, or the landlord goes bankrupt, your lease may be terminated. LEASES. A lease is a binding contract between a landlord and a tenant.