This office lease form is regarding the renewal or other extension of the lease as it relates to the "Base Year Taxes" and the "Base Year for Operating Expenses".
Illinois Option to Renew that Updates the Tenant Operating Expense and Tax Basis
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Multi-State
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US-OL2402
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How to fill out Option To Renew That Updates The Tenant Operating Expense And Tax Basis?
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FAQ
The fact that the terms of the lease has come to an end does not mean that you have to leave the property. Unless you or your landlord takes specific steps to end the agreement under the lease, it will simply continue on exactly the same terms. You do not need do anything unless you receive a notice from your landlord.
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.
up business may, for example, rent an office space for three years. A renewal option would allow the business to renew or extend the lease to remain in the office space beyond the threeyear lease term.
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.
In commercial real estate, a holdover clause states that, should a tenant remain in the space beyond the lease's expiration date, they must then pay an increased rental rent until they leave the premises.
When a lease expires, both the lessor and the lessee have a few options available. The lessee can vacate or give up access to the property, or the two parties can agree to a lease renewal. This option may require some renegotiation of the terms of the new lease. The final option is to extend the lease.
A landlord may choose the path of least resistance by allowing a tenant to remain on a month-to-month lease and pay the rent. Negotiate a new lease with the tenant. In some cases, a landlord may have simply forgotten that the lease had expired.
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.
