renewal of lease

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The grant of a fresh lease on similar terms to those of a pre-existing lease between the same parties. A lease sometimes contains a clause that gives the lessee an option to renew the lease when it expires. If the renewal is to be on the same terms, including the option to renew, the lease is known as a perpetually renewable lease; by statute, however, it is instead deemed to be a lease for 2000 years.

Subjects: Law.

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