This office lease clause provides the tenant with two consecutive renewal options each consisting of five years, under the same terms and conditions as those set forth in the lease for the initial term, except that Base Rent for the renewal terms differ.
Arkansas Renewal Option Provision
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Multi-State
Control #:
US-OL24014
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Word;
PDF
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How to fill out Renewal Option Provision?
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FAQ
Renewal provisions are often found in leases, promissory notes, or insurance policies. Parties may contract to have renewal provisions occur automatically after a period of time, or to require that one party gives notice of their intent to renew the contract.
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 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.
Typically, an auto-renewal/evergreen clause might take the following form: "Each Term shall automatically renew for subsequent period of the same length as the initial Term unless either party gives the other written notice of termination at least (30) days prior to expiration of the current term."
Most insurance companies offer an automatic renewal option when the policy period ends, which is usually every six or 12 months. A provider that does will typically mail or email you a renewal notice about a month before your policy expires.
An automatic renewal clause is a provision within a contract stipulating that a contract will automatically renew for a subsequent term unless one of the parties provides prior notice emphasizing their intention to discontinue the partnership.
Auto-renewal (also known as autorenewal or automatic renewal) is a billing model in which a customer's subscription to a service (like a software subscription) is automatically renewed at the end of an agreed upon period of time.
It's a provision that says, if notice is not given by one party or the other by a certain date, this contract automatically renews for a period of time and the contract should tell you how long that time period is.
