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.
Puerto Rico Renewal Option Provision
Category:
State:
Multi-State
Control #:
US-OL24014
Format:
Word;
PDF
Instant download
Description
How to fill out Renewal Option Provision?
If you have to comprehensive, down load, or print legal file themes, use US Legal Forms, the greatest variety of legal kinds, which can be found online. Make use of the site`s easy and hassle-free look for to discover the files you will need. A variety of themes for organization and personal purposes are sorted by classes and claims, or key phrases. Use US Legal Forms to discover the Puerto Rico Renewal Option Provision with a few mouse clicks.
When you are previously a US Legal Forms buyer, log in to your profile and click on the Down load button to have the Puerto Rico Renewal Option Provision. You may also entry kinds you earlier saved from the My Forms tab of your own profile.
If you use US Legal Forms for the first time, follow the instructions below:
- Step 1. Make sure you have chosen the form for that proper area/land.
- Step 2. Take advantage of the Preview option to examine the form`s articles. Do not forget about to see the information.
- Step 3. When you are not satisfied together with the form, use the Lookup discipline at the top of the display to get other types from the legal form web template.
- Step 4. Upon having located the form you will need, click the Get now button. Opt for the rates program you favor and add your accreditations to sign up on an profile.
- Step 5. Approach the financial transaction. You should use your charge card or PayPal profile to accomplish the financial transaction.
- Step 6. Find the format from the legal form and down load it on the system.
- Step 7. Total, modify and print or indicator the Puerto Rico Renewal Option Provision.
Each and every legal file web template you purchase is yours for a long time. You have acces to every form you saved with your acccount. Click the My Forms area and choose a form to print or down load again.
Compete and down load, and print the Puerto Rico Renewal Option Provision with US Legal Forms. There are millions of expert and condition-certain kinds you can utilize for your personal organization or personal requires.
Form popularity
FAQ
A renewal clause is a contractual provision that gives one or more parties the right to renew or extend the term of an agreement. Renewal clauses can be found in a variety of contracts and can be a valuable way to introduce flexibility into legal arrangements.
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.
Renewal provisions are often found in leases, promissory notes, or insurance policies. Parties may contract to have renewal provisions occur automatically after a period of time, or to require that one party gives notice of their intent to renew 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.
An initial term is the period of time at the beginning of a contract during which both parties are bound by the terms of the agreement. The initial term is typically followed by a renewal term, during which either party may choose to terminate the agreement.
An example of the clause is illustrated in the following quote: ?Each Term shall automatically renew for subsequent periods of the same length as the initial Term unless either party gives the other written notice of termination at least thirty (30) days prior to expiration of the then-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.
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.
