What does the term "alienation" refer to in leasehold properties?

The term "alienation" in the context of leasehold properties specifically refers to the transfer of leaseholder rights or interests. This concept encompasses any situation where the original leaseholder, known as the lessee, assigns their rights under the lease to another party or sublets the property to another tenant. Alienation is fundamental to lease agreements because it affects the ownership and use of the leased property.

Understanding alienation is crucial for both landlords and tenants, as it dictates the parameters within which lease rights can be transferred. Certain lease agreements may have specific clauses that either permit or restrict alienation, ensuring the landlord has some control over who can occupy their property. This term is important in real estate law and lease negotiations, as it influences property management and tenant rights.

The other options focus on different aspects of lease agreements—termination pertains to ending a lease, modification refers to changes in the lease terms, and renewal involves extending the lease duration—but they do not capture the essence of transferring interests which is central to the definition of alienation.