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.
Washington 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
Any rental agreement of whatever duration shall be automatically renewed for the term of the original rental agreement, unless a different specified term is agreed upon.
For example, a renewal option in a lease may read: ?The tenant's option to renew must be requested in writing to the landlord no less than 60 days before the expiration of this lease.? In this example, if the tenant's lease ended May 1, they would have to tell the landlord by about March 1 that they want to renew.
Note: Difference between option to renew and extend ? where the parties agree to ?extend? the existing lease is continued, where the parties ?renew? this creates a new lease.
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.
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.
Landlords cannot keep security deposit money for ?wear resulting from ordinary use of the premises.? Landlords cannot keep a security deposit to repair or clean the rental unit, appliances, furniture, carpet, or wall paint if the wear, deterioration, or breakage happens because of ?ordinary use of the premises.?
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.
