Definitions for "Lease extension"
Allows you to extend the terms of your lease, with the same monthly payments.
Continuation of a lease agreement beyond the original term, often one month at a time. There may be a charge for extending the lease. If the extension continues beyond six months, new lease disclosures must be provided.
An option that allows a leasee to continue an existing lease. Lease extensions typically continue from month to month at the original monthly payment amount.