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A lease extension allows tenants to prolong their existing lease beyond its original expiration date. The right to extend must be clearly stated in the lease, with extension terms mirroring those of the previous agreement. If not clearly identified, it could be considered a new lease. The extension should outline specifics such as any rent increases and include a clause affirming that the extension continues the rights and options from the prior lease. Additionally, tenants must provide written notice of their intention to extend the lease within the timeframe specified in the extension offer.
