Property Management
A 'lease renewal' versus a 'lease extension' in Georgia commercial real estate differs because:
AA. They are the same thing
BB. A renewal creates a new lease agreement; an extension continues the existing lease on the same terms✓ Correct
CC. Renewals require new security deposits; extensions do not
DD. Extensions require GREC approval; renewals do not
Explanation
A lease renewal typically creates a new lease agreement, which may have modified terms. A lease extension continues the existing lease on the same terms for an additional period.
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