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.
New Jersey Renewal Option Provision
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Multi-State
Control #:
US-OL24014
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Word;
PDF
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How to fill out Renewal Option Provision?
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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.
Lease Renewal A landlord must allow the tenant to renew the lease unless the landlord has good cause for an eviction under the Anti-Eviction Act. (This does not apply to two or three-family owner occupied dwellings, motels, hotels, transients or seasonal tenants).
Tenant rights grant them the ability to seek housing without any kind of discrimination from their landlord, as well as to ensure habitable housing conditions. New Jersey landlord-tenant law also allows tenants to request property repairs on time.
Yes. Not paying rent is a valid reason for landlords to end a lease. However, they must provide proper notice to their tenant so that they pay the remaining rent before moving out. If the tenant refuses or fails to pay rent within the specified period, the landlord may have the legal right to file a lawsuit.
A renewal option is a clause in a financial agreement that outlines the terms for renewing or extending an original agreement. The renewal option appears as a covenant in the original agreement and provides specifications under which the entities can renew or extend the original terms for an additional, specified time.
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.
As long as the tenant does not violate any rules, they can stay until their rental period ends. But if they stay in the property even a day after their lease/rental agreement ends and have not arranged for renewal, landlords can issue a written notice to the tenant to move.
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.
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.
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.
