Usually means: Sublease of property by tenant.
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We found 13 dictionaries that define the word underlease:

General (11 matching dictionaries)
  1. underlease: Longman Dictionary of Contemporary English
  2. underlease: Merriam-Webster
  3. underlease: Collins English Dictionary
  4. underlease: Wordnik
  5. underlease: Wiktionary
  6. Underlease: Dictionary.com
  7. Underlease: Online Plain Text English Dictionary
  8. underlease: Webster's Revised Unabridged, 1913 Edition
  9. Underlease: AllWords.com Multi-Lingual Dictionary
  10. underlease: FreeDictionary.org
  11. Underlease: TheFreeDictionary.com

Business (2 matching dictionaries)
  1. Bouvier's Law Dictionary 1856 Edition (No longer online)
  2. underlease: Legal dictionary

Definitions from Wiktionary (underlease)

noun:  (property law) Synonym of sublease.
verb:  (property law, informal) Synonym of sublet.

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