Sample Lease Agreement With Automatic Renewal
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FAQ
An example of the clause is illustrated in the following quote: ?Each Term shall automatically renew for subsequent periods of the same length as the initial Term unless either party gives the other written notice of termination at least thirty (30) days prior to expiration of the then-current Term."
An automatic renewal clause (sometimes referred to as an evergreen or self-renewal clause) is a contractual provision that operates at the end of a contract's current term to automatically extend the term for a specified period of time, unless one of the parties provides notice of its intent not to renew.
An automatic renewal term is a lease period that renews every month, six months, or year for the same length of time. This arrangement continues until the landlord or tenant terminates the lease.
Automatic contract renewal is the process whereby a contract is renewed without manual input, usually after a certain period of time has passed. The specific terms of this renewal and period will be outlined in a contract renewal term within the original contract.
up business may, for example, rent an office space for three years. A renewal option would allow the business to renew or extend the lease to remain in the office space beyond the threeyear lease term.