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.
Colorado Renewal Option Provision
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Multi-State
Control #:
US-OL24014
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Word;
PDF
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FAQ
(b) "Automatic renewal offer terms" means the following clear and conspicuous disclosures: (I) That an automatic renewal contract will automatically renew or extend after the initial period for a set term not to exceed one year unless the consumer gives express written consent for a longer renewal term; (II) A ...
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.
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.
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.
The main difference, however, is that a contract extension extends the term of the contract based on the existing contract, while a contract renewal replaces the existing contract with a new one. A contract renewal is essentially a contract extension without a change in the terms of the contract.
A lease renewal is when the tenant and landlord agree to another lease term, which may require creating a new lease with updated clauses and a higher rent price in most cases. A lease extension is when tenants need the term extended for a certain period with a lease amendment.
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.
