A more thorough explanation:

Definition: Have and hold refers to the habendum clause in a legal instrument, such as a deed or will, that defines the extent of the interest being granted and any conditions affecting the grant. The clause is usually introduced with the words "to have and to hold."

Example: In a deed, the habendum clause might state "to have and to hold the property for the duration of the grantee's lifetime."

Explanation: The habendum clause specifies the duration and conditions of the grant, in this case, the grantee's lifetime. This means that the grantee has the right to possess and use the property for their lifetime, but not beyond that.

Example: In an oil-and-gas lease, the habendum clause might state "for a primary term of five years and a secondary term for so long thereafter as oil and gas are produced."

Explanation: The habendum clause in an oil-and-gas lease specifies the duration of the lease and the conditions for its continuation. The primary term is a fixed number of years during which the lessee has no obligation to develop the premises. The secondary term begins once development takes place and continues for as long as oil and gas are produced. Most jurisdictions require production of paying quantities to keep the lease in effect.