master lease - the lease that is both senior in time and totality of property. An example of a master lease would be the lease of an office building in its entirety to a tenant who would in turn sublease individual office space to the tenants who would ultimately take physical possession and occupancy of the space. A master lease controls all subleases in the sense that the sublessees cannot take possession under terms more liberal or extensive than the master lease. See also sublease.

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