Tenancies cancelled, excuses being made (4,3)
I believe the answer is:
lets off
'excuses being made' is the definition.
I can't tell whether this definition defines the answer.
'tenancies cancelled' is the wordplay.
'tenancies' becomes 'lets' (I am not sure about this - if you are sure you should believe this answer much more).
'cancelled' becomes 'off' (similar in meaning).
'lets'+'off'='LETS OFF'
(Other definitions for lets off that I've seen before include "Pardons" , "excuses" .)