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.
Guam Renewal Option Provision
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Multi-State
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US-OL24014
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How to fill out Renewal Option Provision?
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FAQ
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.
A Renewal Option is a clause that allows the tenant the right to either extend their lease at specific terms upon the expiration of the current lease term; or, the right to negotiate to extend their lease term.
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."
Generally speaking, in order to validly exercise your option you must: Give the landlord formal written notice, which should be a clear and unequivocal exercise of the option. ... Serve the notice on the landlord within the required time. ... Serve the notice on the landlord in ance with the terms of the lease.
A renewal option in a leasing agreement provides the lessee the option, but not the obligation, to renew or extend a lease agreement beyond its initial terms. Lease agreements can apply to both residential and commercial units. A start-up business may, for example, rent an office space for three years.
For example, a renewal option in a lease may read: ?The tenant's option to renew must be requested in writing to the landlord no less than 60 days before the expiration of this lease.?
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).
