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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  • Lease Extension — A legal agreement that extends the term of a rental agreement. The lease extension document should name the parties to the agreement, provide the dates on which the extension begins and ends, and reference the earlier agreement that is being… …   Investment dictionary

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  • extension of term — See extension of lease …   Ballentine's law dictionary

  • extension of time — The prolongation of a period previously fixed. Modification of an obligation by giving additional time for performance. 11 Am J2d B & N § 297. Prolonging the time for payment of a note to a date beyond the due date stated in the note. Rossville… …   Ballentine's law dictionary

  • extension — ex·ten·sion n: an increase in length of time; specif: an increase in the time allowed under an agreement Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. extension …   Law dictionary

  • lease — 1 / lēs/ n [Anglo French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack] 1 a: a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment… …   Law dictionary

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