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.
Delaware Renewal Option Provision
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Multi-State
Control #:
US-OL24014
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Word;
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How to fill out Renewal Option Provision?
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FAQ
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. Renewal options may have specifications or conditions, such as when the lessee must let the landlord know if they will be renewing.
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).
An extension option is a term of a lease that allows the tenant to extend the previous term of the lease under the existing agreement. It would be burdensome if both the tenant and landlord had to construct and sign new agreements every year or each time the previous agreement expired.
There are two ways to renew a Delaware Business License: Renew your license online using Revenue's Online Renewal. Complete and mail a business license renewal with the appropriate license fee before business operations begin.
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.
