Lease Extension

Definition

  • An option that allows a leasee to continue an existing lease. Lease extensions typically continue from month to month at the original monthly payment amount.

Synonyms
extended lease

Related Terms and Acronyms

  • Lease (lse) Abbreviation,
    • A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
  • Lease Option Definition,
    • A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
  • Option Definition,
    • A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
  • Step Down Lease Definition,
    • A lease providing for decreases in rental payment at specified dates.
  • Step Up Lease Definition,
    • A lease providing for increases in rental payment at specified dates.
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