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.
Arizona 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
An option to renew works by granting a party with the right (but not an obligation) to renew the agreement at the end of the initial term. The agreement will expire at the end of the further term(s).
A renewal agreement is a new contract, usually for another fixed term. The tenancy terms may not be exactly the same as your current fixed term tenancy. Before you sign, check important things like the: rent. length of the fixed term.
Once the option is included in the lease, then provided the tenant complies with its obligations under the lease, the landlord cannot refuse to renew the lease for the option term.
A renewal option is common in business and rental lease agreements. A renewal option allows for a lease to apply to a specified time period, but the lease can be extended for another term if agreed upon by the participating parties.
An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.
An option to renew confers on the tenant a right to continue to rent the property for a fresh term after the expiry of the current term, i.e. to renew the existing tenancy. With an option to renew, the tenant obtains another term of tenancy and the landlord is somewhat secured with rental income as agreed beforehand.
Note: Difference between option to renew and extend ? where the parties agree to ?extend? the existing lease is continued, where the parties ?renew? this creates a new lease.
Except for those recreational vehicles that are park trailers as prescribed in section 33-2102, a landlord may refuse to renew a rental agreement without good cause by serving written notice to the tenant at least ninety days before the end of the rental agreement.
