A Master Lease is a primary lease agreement in which the lessee (tenant) holds significant control over the leased property, and it sets the terms under which the lessee can sublease the property to a subtenant.
A primary lease refers to the initial lease agreement established between an owner (landlord) and a tenant, which may then be sublet by the tenant to another party.
A sublease is a rental arrangement in which the original tenant leases out part or all of the rented property to a new tenant.
Subletting refers to the act of a tenant leasing out part or the entirety of a property to another party under the conditions of their own lease agreement with the landlord.
A subtenant is an individual or entity that leases a part or whole of a rented property from the original lessee for a period that is equal to or shorter than the term of the original lease. The original lessee, in this arrangement, becomes the sublessor.
