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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.
A Lease Amendment is commonly used for making changes to the: 1  Lease length, renewal, or termination clauses. 2  Amount of rent. 3  Maintenance duties, such as maintaining outdoor areas.  Rental terms, such as 1  subletting. Permissions, such as pets.  Property use or 1  boundaries. Number of occupants or tenants, such as a roommate.