lease (n.)

late 14c., "legal contract conveying property, usually for a fixed period of time and with a fixed compensation," from Anglo-French les (late 13c.), Old French lais, lez "a lease, a letting, a leaving," verbal noun from Old French laissier "to let, allow, permit; bequeath, leave" (see lease (v.)). Figuratively from 1580s, especially of life. Modern French equivalent legs is altered by erroneous derivation from Latin legatum "bequest, legacy."

late 15c., "to take a lease," from Anglo-French lesser (13c.), Old French laissier "to let, let go, let out, leave" "to let, allow, permit; bequeath, leave," from Latin laxare "loosen, open, make wide," from laxus "loose" (from PIE root *sleg- "be slack, be languid"). Medial -x- in Latin tends to become -ss- or -s- in French (compare cuisse from coxa). The Latin verb also is the source of Spanish laxar; Italian lasciare "leave," lassare "loosen."

Compare release (v.). Meaning "to grant the temporary possession of at a fixed rate" is from 1560s. Related: Leased; leasing. The form has been influenced by the noun, and the modern sense of "to take a lease" might be a new 19c. formation. Lessor, lessee in contract language preserve the Anglo-French vowel.