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A lease extension allows a tenant to prolong their lease after its expiration, provided that the right to extend is clearly mentioned in the original lease. The terms of the extension typically mirror the previous lease agreement, indicating that all original terms remain unchanged; otherwise, it could be considered a new lease. The extension should include specific terms such as any rent increases and affirm that it continues the rights from the previous lease. Additionally, the tenant must notify the landlord in writing of their intention to extend the lease within the timeframe outlined in the extension offer.