RAX120: Lease Obtained/Expired (dopped connection)

RAX120 dropped connection, i.e. I could not connect to internet from browser on any device (no device connection to wifi), and the router status showed 'Not Connected'. When I check the status at Advanced tab-> Advnaced Home, there is a Internet Port section. I click on CONNECTION STATUS and all values, e.g. IP Address, Subnet, etc. are zeroed out - see screenshot. The Lease Obtained/Expires values are empty, as shown in the screenshot. I then proceed to click RENEW which populated the connection property\values (Renewed?). Once I did this the routers internet connectivity was restored. Additionally the Lease Expires value is 2 Hours 56 Minutes.

Does that mean RAX120 will drop its connection after that time or will it renew automatically? Can someone help me understand what exactly Lease Obtained/Expires?

I'm sure I'll find out soon before someone responds.