What does lease assignment pertain to?

Lease assignment pertains to the transfer of lease obligations from one tenant to another. This means that the original tenant (the assignor) transfers their rights and responsibilities under the lease to a new tenant (the assignee). This is significant because the new tenant takes over the lease for the remaining term, assuming all the original tenant's obligations, such as paying rent and adhering to the lease terms. The property owner or landlord typically retains the right to approve or deny the assignment.

The other options do not describe lease assignment correctly. Extending a lease refers to prolonging the existing lease term, while cancellation involves terminating the lease altogether. Initiating a new lease agreement suggests starting a fresh contract rather than transferring an existing one, which is not aligned with the definition of lease assignment.