What does "default" mean in leasing?

In the context of leasing, "default" refers to the failure to fulfill the obligations outlined in a lease agreement. This could encompass various situations, such as not paying rent on time, not adhering to property use terms, or neglecting required maintenance responsibilities as stipulated in the lease. When a tenant or landlord default on their obligations, it can lead to serious consequences such as eviction, financial penalties, or termination of the lease agreement.

Understanding the implications of default is crucial for both parties involved in a lease, as it outlines their responsibilities and the potential fallout if these responsibilities are not met. The other options describe aspects of leasing that do not accurately reflect the definition of default. Specifically, they relate to maintenance, lease renewals, or early termination, none of which encapsulate the essence of failing to meet lease obligations.