A lease agreement is a contract entered into between a landlord and an individual setting out the terms and conditions upon which the landlord rents the property to the tenant. The lease regulates important aspects, including the tenant`s obligation to maintain the property and to restore the property to the landlord on completion of the lease in the same condition as at the commencement of the lease, fair wear and tear excepted. The lease provides for the payment of a deposit by the tenant, which can be applied to fixing aspects of the property that the tenant has neglected (and toward arrear rentals).