How should this contingent debt be presented on financial statements?

An organization owes $140,000 to its landlord as of the end of its office lease due to nonpayment of two months of office rent several years ago. The organization has recorded this as a current liability on its financial statements.

After much negotiation, the landlord agrees to forgive the debt upon renewing the office lease for another seven years, with the following stipulation. The renewed lease states that, if the organization ever defaults on the renewed lease, then the $140,000 becomes due again.

Upon signing the renewed lease, does US GAAP allow the organization to remove the $140,000 current liability from its financial statements?

(Taxation is irrelevant. The organization is tax exempt. Also, this is a real-life case. Not my homework or anything like that.)