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.
Michigan Renewal Option Provision is a clause commonly found in lease agreements specific to the state of Michigan. This provision allows tenants the right to renew their lease upon its expiration, providing them with the opportunity to extend their stay in a rental property. It is crucial for both landlords and tenants to understand the intricacies of this provision in order to make well-informed decisions and avoid any potential disputes. The Michigan Renewal Option Provision offers tenants the choice to renew their lease for an additional period beyond the original term, ensuring stability and continuity for both parties involved. It acts as a safeguard for tenants to secure their occupancy for a defined period and gives them the flexibility to plan their living arrangements accordingly. There are different types of Michigan Renewal Option Provisions that can be incorporated into a lease agreement: 1. Automatic Renewal: This type of provision stipulates that the lease will be automatically renewed for a specific period, often equal to the original lease term. The tenant does not need to take any action to trigger the renewal; it occurs automatically unless either party provides written notice of termination within a predetermined timeframe. 2. Mutual Agreement Renewal: Under this provision, the tenant and the landlord need to mutually agree upon the renewal of the lease. Both parties must express their intent to renew the lease in writing before the current lease expires. If the tenant and landlord fail to reach an agreement, the lease will not be renewed, and the tenant will need to relocate. 3. Right of First Refusal: This provision grants the tenant the first opportunity to renew the lease if the landlord decides to lease the property to a new tenant. The landlord must provide written notice to the current tenant of their intent to lease the property to a new tenant. The tenant then has the right to match the terms and conditions offered to the new tenant and renew their lease. It is important for both landlords and tenants to carefully review the terms and conditions of the Michigan Renewal Option Provision to understand the process, timelines, and any specific requirements outlined. This provision serves as a mechanism to protect tenant's rights and ensure fair dealings between both parties. Keywords: Michigan Renewal Option Provision, lease agreement, tenants, renew, expiration, rental property, stability, continuity, disputes, automatic renewal, mutual agreement renewal, right of first refusal, safeguards, written notice, terms and conditions, landlord, tenant's rights.
