I currently have leases that expire in 6 months. If I do a lease extension for 1 year, does that mean my new leases will expire in 1 year or in 18 months? In other words, does an extension replace the price and add to longevity, or does it replace both the price and longevity on the previous deal.
I assume it's the former, because if it's the latter, you could get out of 15 year lease by "extending" it to a 1-month lease.
It is the former, right?