A token rent payable as consideration to a Landlord being either a nominal amount of money or more imaginatively a peppercorn. In modern terms, this usually occurs when the tenant has paid a premium to the landlord.
An insignificant rent used to show that a lease is granted for valuable consideration. For example, a lease of land dated July 1732 - from John Doyle, Jr. to his grandson, Isaac Arnold, Sr. - requires "...paying the rent of one peppercorn..."