noun “lease”
 singular lease, plural leases
- a legal agreement by which someone pays to use property, equipment, or other assets for a specified time 
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 She signed a lease to rent the apartment for one year.
 - the period of time for which such an agreement is in effect 
Their lease ends next month, so they need to find a new place to live.
 - (in computing) the temporary assignment of an IP address to a device in a network 
The DHCP server renewed the lease on the computer's IP address every 24 hours.
 
verb “lease”
 infinitive lease; he leases; past tense leased; past part. leased; ger. leasing
- to allow someone to use your property in exchange for payment; to let 
They decided to lease their extra office space to a startup company.
 - to use someone else's property in exchange for payment; to rent 
The company leased new computers instead of buying them outright.
 - (in computing) to assign a temporary IP address to a device in a network 
The network server leases IP addresses to devices when they connect.
 - (in computing) to receive a temporary IP address from a server 
When connecting to the public Wi-Fi, your device will lease an IP address for internet access.