It is common for a lease to be renewed on a „holdback“ basis, which usually converts the lease into a periodic lease month after month. It is also possible for a tenant, expressly or implicitly, to hand over the rental to the owner. This process is called the „surrender“ of the lease. A lease is a contractual agreement that requires the tenant (user) to pay the lessor (owner) to use an asset.  Real estate, buildings and vehicles are common goods that are rented. Industrial or business equipment is also rented. .
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