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.
Rhode Island 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
Before signing a lease agreement, many tenants want to have a commercial lease renewal provision. While most commercial leases range in length from 5 to 10 years, the renewal clause gives the tenant the option to extend the lease after the original term expires.
A specific termination date must be stated in the notice which has to be forty five days (or more) after the next rental payment due date. Tenants with monthly agreements still follow the 30 day procedure for month to month tenancies.
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.
There is no rent control in Rhode Island, so a landlord is free to set the rent at whatever s/he decides. You and the landlord can agree on the date that rent will be paid. If your rent is more than 15 days late, you can be evicted for non-payment and the landlord can use a quick court proceeding.
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.
Pursuant to RI law, to evict a month-to-month tenant, a landlord must send a 30 day notice to terminate the month to month tenancy. When the 30 day time period expires, then the landlord or the landlord's Rhode Island eviction lawyer may file a complaint for eviction in Providence District Court.
Ending your tenancy? Duration of TenancyNotice PeriodLess than 6 months28 daysNot less than 6 months but less than 1 year35 daysMore than 1 year but less than 2 years42 daysMore than 2 years but less than 4 years56 days2 more rows
Grace Period: Rhode Island law does not specify a grace period, but landlords may not send a rent demand notice until rent is 15 days late. Therefore, Rhode Island has an effective 15-day mandatory grace period (RI Gen. Laws § 34-18-35(a)).
