underlease Definition
a lease granted by a person or company who is already a lessee of a property, to a third party for a shorter period than their own lease.
Using underlease: Examples
Take a moment to familiarize yourself with how "underlease" can be used in various situations through the following examples!
Example
The tenant was able to sublet the apartment through an underlease.
Example
The underlease agreement was signed for a period of six months.
Example
The landlord refused to allow the tenant to grant an underlease.
underlease Synonyms and Antonyms
Synonyms for underlease
- sublease
- secondary lease
- derivative lease
Phrases with underlease
head lease and underlease
a situation where the owner of a property grants a lease to a tenant, who in turn grants a lease to another tenant
Example
The head lease and underlease arrangement allowed the tenant to sublet the property to a third party.
the transfer of an underlease from one tenant to another
Example
The assignment of underlease required the consent of the landlord.
the amount paid by a tenant to a lessee for the grant of an underlease
Example
The underlease premium was negotiated between the tenant and the lessee.
Summary: underlease in Brief
'Underlease' [ˈʌndərliːs] is a noun that refers to a lease granted by a lessee of a property to a third party for a shorter period than their own lease. It is also known as a sublease or secondary lease. The term is used in phrases like 'head lease and underlease,' which describes a situation where a tenant grants a lease to another tenant, and 'assignment of underlease,' which refers to the transfer of an underlease from one tenant to another.
