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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.
The tenancy agreement is a contract between you and your landlord. It may be written or oral.The tenancy agreement gives certain rights to both you and your landlord, for example, your right to occupy the accommodation and the your landlordâs right to receive rent for letting the accommodation.