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.
Minnesota Renewal Option Provision
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Multi-State
Control #:
US-OL24014
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FAQ
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.
Once the option is included in the lease, then provided the tenant complies with its obligations under the lease, the landlord cannot refuse to renew the lease for the option term.
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.
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.
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.
Renewing a tenancy means the tenant simply signs a new tenancy agreement for a new fixed term. Your letting agent can help with this however if you don't have one present then presenting your tenant with a new assured shorthold tenancy agreement would do the trick.
Automatic renewal means if the tenant does not give notice he or she can be held to an additional period of time. For example, one or two months beyond the original term of the lease. Additionally, starting January 1, 2024, landlords cannot force a tenant to renew the lease more than 6 months before the lease is over.
A lease renewal is when the tenant and landlord agree to another lease term, which may require creating a new lease with updated clauses and a higher rent price in most cases. A lease extension is when tenants need the term extended for a certain period with a lease amendment.
