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An Extension Of Lease Agreement is 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 extended.
A lease is a contract that requires the lessee, or the user, to pay the lessor, or owner, for use of an asset for a specified period of time. Leases are common for rental properties or for the use of equipment, vehicles, or machinery and plants. When the asset being rented is tangible property, it may also be referred to as a rental agreement.
Sources: https://www.investopedia.com/terms/l/lease-extension.asp
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