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A lease extension allows a tenant to extend their lease beyond its original expiration date. The right to extend must be clearly stated in the initial lease agreement. The terms of the extension generally mirror those of the previous lease, including a clause that confirms the continuation of all terms. If not clearly identified, the extension may be considered a new lease. The extension option should specify conditions such as the amount of rent and any potential increases. Additionally, tenants must submit written notice of their intention to extend the lease within the timeframe outlined in the extension offer.
