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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.
Bureaucracy requires meticulousness and exactness.
Unless you manage completing documents like Exclusive Option Agreement With Renewal on a daily basis, it could lead to some misinterpretations.
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Here is an example of an auto-renewal clause: This agreement shall have an initial term of two years from the effective date. Upon expiration of the initial term, this agreement shall automatically renew for a period of one year. Notice how the clause renews automatically but for a fixed period of time.
Extension normally refers to a lengthening of time for an existing contract. Renewal normally contemplates an entirely new contract. This can be a distinction without a difference in some situations, but in complicated contracts it can have legal consequences.
When the tenant exercises the option, he/she immediately acquires an interest in the property. However, the lease stays in effect until the purchase agreement is signed.
A renewal option is a clause in a financial agreement that outlines the terms for renewing or extending an original agreement. The renewal option appears as a covenant in the original agreement and provides specifications under which the entities can renew or extend the original terms for an additional, specified time.
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.