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An option to renew creates a new leasehold estate and effectively surrenders the original lease. Landlords might inadvertently expose themselves to an argument by a tenant that renewing the lease should repeat all of landlord's lease concessions (which are commonly front-end loaded).

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.If the option rests with the tenant to ask for a renewal, the landlord is obligated to agree under the terms of the option.

10 Ways to Effectively Negotiate a Lease Agreement with Your TenantsConsider whether you want to keep your tenants.Know your legal limits.Do your research.Be aware of vacancy rates.Offer upgrades or tenant improvements.Approach your tenants early.Give breaks on rent for renewing.Ask for a longer lease.More items...?Feb 9, 2018

If your lease contains an option to extend the lease term and you intend to extend your lease, then you must properly and timely send your written option exercise notice. If your notice is even one day late, then the landlord may reject your request to extend the lease term.

A Lease Amendment is used to modify an existing Lease Agreement between a tenant and landlord by adding or removing clauses, or changing existing clauses. An amendment allows the parties to change the terms without having to sign a new Lease Agreement.

When you create this extension agreement, you'll have a chance to note any changes that you want to make to the original lease and that you want to apply to the new lease period, such as extended use of the facilities in a shared building for increased rent.

Generally speaking, in order to validly exercise your option you must:Give the landlord formal written notice, which should be a clear and unequivocal exercise of the option.Serve the notice on the landlord within the required time.Serve the notice on the landlord in accordance with the terms of the lease.Aug 7, 2015