Exclusive Option Agreement With Renewal
Description
How to fill out Exclusive Option Agreement?
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FAQ
Here is an example of an auto-renewal clause: This agreement shall have an initial term of two years from the effective date. Upon expiration of the initial term, this agreement shall automatically renew for a period of one year. Notice how the clause renews automatically but for a fixed period of time.
Extension normally refers to a lengthening of time for an existing contract. Renewal normally contemplates an entirely new contract. This can be a distinction without a difference in some situations, but in complicated contracts it can have legal consequences.
When the tenant exercises the option, he/she immediately acquires an interest in the property. However, the lease stays in effect until the purchase agreement is signed.
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.
An automatic renewal clause is a provision that, if included in a contract, causes the contract to start a new term (renew) at the conclusion of the original contract term, unless one of the parties elects not to continue the contract.