A lease agreement may contain specific provisions authorizing renewal or extension, or a subsequent agreement or modification may grant the extension or renewal. A lease agreement may also grant an option to either a lessee or a lessor to renew or extend the term of the lease agreement. This form anticipates that there is no provision specifically authorizing renewal.
Sample Lease Agreement With Automatic Renewal
State:
Multi-State
Control #:
US-01069BG
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Notice From Lessor To Lessee's Requesting An Extension Or Renewal Of Lease Agreement?
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FAQ
An automatic renewal clause is a provision that, if included in a contract, causes the contract to start a new term (renew) at the conclusion of the original contract term, unless one of the parties elects not to continue the contract.
The automatic renewal clause implies that the contract will automatically renew if one of the parties has not terminated the contract or the party does not wish to terminate the contract. In this case, the terms of the agreement get revived after a fixed period.
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."
Yes, Microsoft Word has a free lease agreement template that you can customize to create your own contract and minimize any potential problems between tenant and landlord.
An evergreen clause, also known as an automatic renewal clause, is a provision that allows a contract to self-renew at the expiration of the current term unless either party notifies the other of an intention NOT to renew.