LEASE.' A lease, or letting, is sometimes called a demise (eleiniasio.) It is sonetimem mid that Lame is from the Latin " locatio ; " but as the verb which coirseconds to the noun Lease is Let, it seems that the word Lame is the noun which corresponda to the verb Let. The verb', let is akin to the French " kisser, and the Carman " WW2." II* who lets land Is called the lossor, and be to whom land is let is called the Imam.
There are various legal definitions of a lease. A lease has been defined to be a conveyance of lands or tenements from lessor to lessee tor life, for years, or at will, generally In consideration of a rent or other annual recompense to be paid by the lessee to the lessor. The rem:nation of a rent is not essentsal in a lease; but payment of rent is now the chief condition on which lands are let.
To constitute a lea-, it is necessary that tho lands must be let fur a ler time than the period for which the lessor las an interest in the lands demised. If a man parts with all his interest in the lands or tenements, the conveyance is an assignment, and not a lease. The relation that is created by a lease between the lessor and the lessee is usually escrowed by the phrase landlord and tenant. The lessor has a reversion in the lands %Inch arc demised, that is, after the expiratiop of the lease the land reverts to him. The hewer, by of this reversion, seignory, or lord's title, has the power of distraioing on the land fur the rent which is agreed on, and for the services which may be due by the terms of the lease ; and fealty is always due to the lame. The ordinary lease is that for a term of years, by which lease a rent, generally payable in money, at stated times, is reserved to the lessor. These stated times are usually quarterly periods.
The words used in a lease for the purpose of conveying that interest In the Weis which constitutes a terra of years are " demise, grant, and to farm let." These words are derived from the law-Latin eipressiona "denied, conceal, et ad firmam tradidi." The word " firma,' farm, is said to signify originally " provisions," and " to farm let" does not properly signify to let to be farmed, in the modern sense of the term, but to let on the condition of a certain rent being paid in farm, that is, in provision. If the explanation ie correct, a " farmer" is one who
had the use of Linda on condition of paying a " farm " or rent in provisions, such as corn and beasts. But the word " farm " now signifies the lands which a man hires to cultivate upon the payment of a rent.
The interest which a man acquires in land by a lease for years is a term of years, or an estate for years. The word lease is used in common language also to signify the estate or interest which the lessee acquire. by the lease ' • but word lease signifies properly the con tract or conveyance which the lessee acquires the interest in the lands.
The words " demise," &c., above mentioned, are the proper words to constitute a lease for years : but any words are sufficient, which clearly show " the intent of the parties that the one shall divest himself of the possession (of the land), and the other come into it for a determinate time." When the written contract was not intended to be a lease, but an agreement for a future lease, it was often difficult to determine whether the contract were not so expressed as to make it a lease.
At common law. it was neceseary for the lessor to enter on the lands in order to make the lease complete, and no writing was neces sary. But the Statute et Frauds (2v Car. II. e. 3, e 1) enacted, that all leases, estates, interests, of freehold or terms of years, created by livery and mien only, or by parol, and not put in writing and signed by the parties so making the name or their agents thereunto Lawfully authorised by writing, shall have the force and effect of leases or estate. at will only, except Items not exceeding the term of three years from the making thereof, upon which the rent reserved to the landlord during such term shell enema to two-thirds at the least of the full and improved value of the thing demised. The Act 8 & 9 Vice c. 110, snaeu that a lease required by law to be in writing made after Oct 1, 1845, shall be void in law unless made by deed.