Lease Extension
Categories: Real Estate
See: Lease.
You have loved being in your office building these last 35 months. You now only have 1 month left on your original 36-month lease. So you ask the landlord for a lease extension. And she says, "Sure. But I need $5,500 a month now. Prices have gone up. And baby needs new shoes." (Baby is her boyfriend.)
So in order to get the lease extension, you agree to the terms and pay up. Or leave at the end of next month.