When there is no option to renew in a Lease Agreement, the Lessor is under no obligation to extend the current Lease Agreement at the expiration date. It is important to take into account the potential consequences of this, when negotiating and entering into a Lease where there is no option to renew.
As there can be different names used to describe the Parties, let’s start by clarifying this:
Lessee – Tenant
Lessor – Landlord