A Lease Renewal Agreement is a contract that establishes the terms and conditions between a landlord and tenant when renewing an existing lease. It outlines the right of the tenant to continue occupying the leased property, as well as the obligations of each party in terms of payments, repairs, maintenance and more. This type of agreement is important to ensure that all parties are mutually on the same page and build trust between them so they can continue doing business together. With clear, defined rules, this agreement can provide extra security and peace of mind for both parties.