extension of lease

extension of lease
The lengthening of the term of a lease by mutual agreement or by the exercise by the lessee of an option contained in the lease. 32 Am J1st L & T §§ 953 et seq. In some of the cases, the courts seem to disregard any distinction in meaning between a renewal and an extension. However, generally a distinction is drawn between a provision in a lease for a renewal and a provision for the extension of the term at the option of the lessee, the courts treating the latter, upon the exercise of the privilege, as a present demise for the full term to which it may be extended and not a demise for the shorter period with a privilege for a new lease for the extended term. 32 Am J1st L & T § 956. There is a distinction between a stipulation in a lease to renew it for an additional term and one to extend it, in that a stipulation to renew requires the making of a new lease, while a stipulation to extend does not. Grant v Collins, 157 Ky 36, 41, 162 SW 539.

Ballentine's law dictionary. . 1998.

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