What does the term 'default' refer to in a lease agreement?

The term 'default' in a lease agreement specifically refers to a lessee's failure to comply with the terms of the lease. This could encompass a variety of actions, such as not making rental payments on time, failing to maintain the leased property as specified in the contract, or not adhering to other lease terms. When a default occurs, it typically gives the lessor the right to take specific actions, which may include terminating the lease, charging late fees, or pursuing legal remedies.

The other choices describe situations that do not accurately capture the essence of what constitutes a default. For instance, the completion of all lease obligations represents successful compliance, rather than a failure, and the end of a lease agreement without renewal is a natural conclusion of the lease term rather than a breach of contract. Similarly, the lessor's requirement for additional payments does not signify a default but rather a standard contractual condition that may arise during the execution of the lease. Understanding that default strictly relates to non-compliance helps clarify the responsibilities of the parties involved in a leasing arrangement.