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 York Renewal Option Provision
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Multi-State
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US-OL24014
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How to fill out Renewal Option Provision?
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FAQ
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 is common in business and rental lease agreements. 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.
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.
The owner of a rent stabilized building is required to send you a lease renewal between 90 and 150 days before your existing lease expires. You then have 60 days to accept the lease renewal offer.
An automatic renewal clause (sometimes referred to as an evergreen or self-renewal clause) is a contractual provision that operates at the end of a contract's current term to automatically extend the term for a specified period of time, unless one of the parties provides notice of its intent not to renew.
An automatic renewal clause is a provision that, if included in a contract, causes the contract to start a new term (?renew?) at the conclusion of the original contract term, unless one of the parties elects not to continue the contract.
Contract renewal is the process through which the initial term of a contract expires, and the parties agree - either actively, or passively, through automatic renewal - to 'renew' the term of the contract so that the arrangement continues, and the contract remains enforceable for the new period.
Their purpose is to ensure the possibility of maintaining a stable and ongoing relationship without the necessity for extensive renegotiation or the creation of an entirely new contract.
