LEASE. 



number of years purchase which ought to 

 be given for the fine required. If, there- 

 fore, the improved rent of the estate, or 

 the present value beyond the rent paya- 

 ble under the lease, is 50/. per annum, 

 this improved rent, multiplied by 2,469, 

 will give 12.^. 9* 1 . for the amount of the 

 fine required. 



Leases are sometimes granted for a 

 term of years certain, but subject to de- 

 termine before that period, if a particular 

 life or lives should fail within the term ; 

 and the term of such leases being usually 

 greater than the probable duration of the 

 lives, the estate may be considered as 

 wholly depending on the continuance of 

 the life or lives nominated. 



Life estates are of various kinds ; some 

 depend on a single life, of which kind 

 may be considered church-livings, tenan- 

 cies by courtesy, in dower, &c. ; others 

 are granted for two lives, such as joint- 

 tenancies, and joint- tenancies with bene- 

 Ut of survivorship, the former signifying 

 such estates as terminate on the death of 

 either of the parties, and the latter signi- 

 fying such as terminate on the death of 

 both the parties ; other estates are grant- 

 ed for three lives, which, like the last, 

 may be divided into such as depend on 

 the joint continuance of all the lives, and 

 such as depend on the longest of all the 

 lives ; the former signifying such as ter- 

 minate on the death of any one of the par- 

 ties, and the latter such as terminate on 



the death of the longest liver of the three 

 lives. When estates are held on two or 

 three lives, and one of the lives, nominat- 

 ed in the lease, happens to drop, or be- 

 come extinct, the tenant is often desirous 

 of replacing such life, or of putting in a 

 new life, in orderthat the estate may con- 

 tinue to be held on the same number of 

 lives in being, and thereby his interest in 

 the same be prolonged. In such cases it 

 is customary, if the estate has improved 

 in value since the original grant of the 

 lease, for the landlord to demand a fine, 

 or sum of money, proportionate to such 

 improved value, and to the age of the 

 person intended to be put to it, or added 

 to those already in possession ; the annual 

 rent of the estate continuing the same. 

 It is evidently the interest of the tenant, 

 in this case, to add one of the best lives 

 he can find, that is, a life which has the 

 greatest expectation of living, according 

 to the best tables of mortality, and such a 

 life will be about the age of eight or ten 

 years. However, it will sometimes hap- 

 pen that he may wish to put in a life not 

 exactly of this age, but as it is his interest 

 to put in as good a life as possible, few 

 persons will be disposed to put in one 

 above the age of twenty. The following 

 table will, therefore, comprehend the 

 cases of this kind which most commonly 

 occur, from which the sums to be paid 

 for renewing with a life of any other age 

 may be nearly determined. 



TABLE, for renewing, with One Life, the Lease of an Estate held on Three Lives. 

 Interest at 6 per Cent. 



