The term PAY FOR MONTHLY can be summarized as a LEASE agreement. A LEASE is a contract between two parties, the lessor and the lessee, that outlines the terms of a rental agreement. The lessor is the owner of the property and the lessee is the renter. In this case, the lessee agrees to pay for the use of the property on a monthly basis. This type of agreement is common for residential and commercial properties, as well as vehicles and other items.