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".
Kentucky Option to Renew that Updates the Tenant Operating Expense and Tax Basis
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US-OL2402
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FAQ
For example, ?This agreement shall automatically renew for an additional term if either party fails to give the other written notice of their intent not to renew at least 30 (or 60, or 90) days prior to the expiration of the current 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.
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.
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.
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.? In this example, if the tenant's lease ended May 1, they would have to tell the landlord by about March 1 that they want to renew.
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 gives the tenant the right to continue the tenancy for the option period agreed in the lease. Options to renew may be preferable to one lease of many years because they provide the tenant with a means for discontinuing the lease at the end of a specified period.
