An Extension Of Commercial Lease Agreement is a legally binding contract between two parties: the landlord, who owns the property being leased, and the tenant, who will be occupying it. The purpose of the agreement is to extend the terms of an existing commercial lease, usually for an additional period of time (such as one year or two years). This extension must state the length of the extension, the rental amount, any special conditions associated with the agreement, and any other pertinent information necessary for both parties to fully understand the terms of the extension. An extension of a commercial lease is typically employed when a tenant wishes to continue occupying the property after their current lease has expired but without having to enter into a new long-term agreement.