EXTENSION
An increase in the length of time specified in a con-
tract.
A part constituting an addition or enlarge-
ment, as in an annex to a building or an extension
to a house. Addition to existing facilities.
An allowance of additional time for the pay-
ment of debts. An agreement between a debtor and
his or her creditors, by which they allow the debtor
further time for the payment of liabilities. A cred-
itor’s indulgence by giving a debtor further time to
pay an existing debt.
The word extension, when used in its proper
and usual sense in connection with a lease, means
a prolongation of the previous leasehold estate.
The distinction between extension and renewal of
lease is chiefly that, in the case of renewal, a new
lease is requisite, while, in the case of extension,
the same lease continues in force during an addi-
tional period upon performance of a stipulated
act. An option for renewal implies giving a new
lease on the same terms as those of an old lease,
while an option for extension contemplates a CON-
TINUANCE of an old lease for a further period.
Request for additional time to file an income
