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A lease extension allows a tenant to prolong their lease beyond its original expiration date, and this right must be explicitly stated in the lease. Typically, the extension terms mirror those of the existing agreement, ensuring that all conditions are maintained; otherwise, the extension may be classified as a new lease. It's crucial for the extension clause to outline specific terms, including whether there will be an increase in rent. The tenant is also required to give written notice of their intent to extend the lease by the deadline specified in the extension offer.