A master lease structure is often used where a single landlord (or group of affiliated landlords) and a single tenant (or group of affiliated tenants) intend to lease multiple properties.
Severing a Master Lease Raises Thorny Issues
A master lease structure is often used where a single landlord and a single tenant intend to lease multiple properties. By using a master lease structure to cover multiple properties as opposed to individual leases, the parties can streamline administration of a large-scale portfolio of properties. However, master lease severance comes with a series of complications.
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By Peter E. Fisch and Salvatore Gogliormella 
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