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Definition of First amendment lease. A lease which contains a first amendment clause. Used for lessees who may opt to purchase equipment early. Typically- includes a penalty for non-purchase or requires the lessee to renew for a fixed number of months. Used to shorten term and get operating lease treatment. Also called a Stretch Lease in Canada.
Your lease is a legal contract that commits you to pay rent for the right to live in the landlord's apartment. Most leases and most jurisdictions require tenants to give notice to their landlords before they vacate the property. On the plus side, the obligation is mutual, which means that your landlord cannot order you to leave without notice.