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A concurrent lease is a new lease that overlaps the current one and would becomes the basis of the leasing terms when the current contract expires.
This usually occurs when a new tenant takes over the premises from a present one.
As the present tenant’s lease has yet to expire, a desire to vacate the property nevertheless can lead to a concurrent lease being accepted by another tenant to “takeover” the contract.
This arrangement could be due to a landlord who refuses to release the leaving tenant from the terms of the current contract as the terms or rental are very favorable towards him. Leaving the tenant to seek someone else to takeover the lease.
Either that, or the rental is so attractive that another tenant insist on carrying on with it. Creating a concurrent lease.
Upon the expiry of the old lease, the terms of the new contract would become the new legal basis between tenant and landlord.