Lease extensions and lease renewals both allow the tenant (and landlord) to continue to lease a property. While extensions and renewals have similar effects, there are some differences. A lease extension is a continuation of the original lease agreement. The parties to the lease continue the landlord-tenant relationship beyond the expiration of the original term of the lease. New provisions are adopted for a newly defined term. A lease renewal is a new lease agreement. The parties to the lease renew their landlord-tenant relationship after the original lease has expired.
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The information for this answer was found on our Lease Extension Addendum answers.