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.
Connecticut Renewal Option Provision
Category:
State:
Multi-State
Control #:
US-OL24014
Format:
Word;
PDF
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How to fill out Renewal Option Provision?
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FAQ
Contract renewal is the last stage in a contract's lifecycle. When an agreement comes to an end, parties may decide to continue the business relationship.
Their purpose is to ensure the possibility of maintaining a stable and ongoing relationship without the necessity for extensive renegotiation or the creation of an entirely new contract.
A renewal clause is a contractual provision that gives one or more parties the right to renew or extend the term of an agreement. Renewal clauses can be found in a variety of contracts and can be a valuable way to introduce flexibility into legal arrangements.
An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
Contract renewal is the process through which the initial term of a contract expires, and the parties agree - either actively, or passively, through automatic renewal - to 'renew' the term of the contract so that the arrangement continues, and the contract remains enforceable for the new period.
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.
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 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."
