Per Chris in RT 436106:
So according to the website, the Lite version falls under the same SLA as the full-blown version.  There is only one section that references use, but it is decidedly slanted towards purchased software.

"You may: (i) use the Licensed Software on a single computer (or, if You have purchased a Floating Node Seat, the number of Concurrent Users for which You have obtained licenses from Altera may use the Licensed Software on networked workstations); (ii) use the Licensed Software for the sole purpose of creating, simulating, verifying, placing and routing, and programming designs on logic devices manufactured by Altera and sold by Altera or its Authorized Distributors (although if You have obtained the Licensed Software through Altera's University Program, You are only permitted to use the Licensed Software for educational and academic purposes and cannot use the Licensed Software for any commercial purposes); (iii) make one copy of the Licensed Software in any computer-readable or printed form for back-up or archival purposes, or as otherwise permitted under this Agreement; and (iv) modify the Licensed Software, provided that all Intellectual Property Rights notices (including all copyright and restricted rights notices on the Licensed Software) are included on any modified, merged, or combined portions of the Licensed Software.  Any copy of the Licensed Software or portions thereof that are merged or combined into another program will continue to be subject to the terms and conditions of this Agreement.

Your end customers may use Altera Devices that have been programmed with the Licensed Software."

So, to that end, I licensed software may be only installed on one machine, or on the machines that will have concurrent access to the license.  Seeing as the Lite version is specifically remarked upon as being "Non-Licensed", I would think installing it in a lab situation would be perfectly fine, as long as the purposes for it were only Educational and no commercial activity would ever happen.

Thanks-

Quartus II is a software tool produced by Altera for analysis and synthesis of HDL designs, which enables the developer to compile their designs, perform timing analysis, examine RTL diagrams, simulate a design's reaction to different stimuli, and configure the target device with the programmer.