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.
Utah Renewal Option Provision
Category:
State:
Multi-State
Control #:
US-OL24014
Format:
Word;
PDF
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How to fill out Renewal Option Provision?
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FAQ
(1) "Automatic renewal provision" means a provision under which a service contract is renewed for one or more specified periods if: (a) the renewal causes the service contract to be in effect more than six months after the day of the initiation of the service contract; and (b) the renewal is effective unless the ...
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 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.
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.
Definition. Renewal terms are the terms in a sales agreement that specify whether each line in a sales agreement is renewable and when the lines can be renewed.
What are contract renewals? Contract renewal is the last stage in a contract's lifecycle. When an agreement comes to an end, parties may decide to continue the business relationship. They could do this by either continuing with the terms of the old contract or negotiating new terms.
