This is an agreement for the renewal of an existing lease for an additional term, with possible modifications. The agreement terms conform to state statutory law.This agreement is for the renewal of a non-commercial or residential lease.
A lease with a renewal clause is a type of agreement between a landlord and a tenant that grants the tenant the option to extend the lease term beyond its original duration. This clause gives the tenant the flexibility to continue the lease for an additional period of time, typically after the initial lease term expires. The renewal clause outlines the terms and conditions under which the renewal can take place. Keywords: Lease, renewal clause, agreement, landlord, tenant, lease term, flexibility, additional period, initial lease term, renewal, terms and conditions. Types of leases with renewal clauses: 1. Standard Renewal Lease: This is the most common type of lease with a renewal clause. It allows the tenant to extend the lease for a predetermined period, usually with the same terms and conditions as the original lease. The tenant may need to give notice within a specified timeframe to exercise the renewal option. 2. Automatic Renewal Lease: In this type of lease, the renewal is automatic unless the tenant or landlord provides notice to terminate the lease. The duration of the renewal period is usually outlined in the original lease agreement. The terms and conditions typically remain the same unless otherwise stated. 3. Stipulated Notice Renewal Lease: This lease requires the tenant to give notice to the landlord within a specified timeframe if they wish to renew the lease. The notice period may vary, but it is typically stated in the original lease agreement. If the tenant fails to provide the notice within the stipulated period, the lease will not be renewed. 4. Negotiated Renewal Lease: This type of lease allows both parties, the landlord and the tenant, to negotiate new terms and conditions for the lease renewal. This can include changes to rental rates, lease duration, or other agreed-upon modifications. It gives both parties an opportunity to reconsider the terms of the lease and make adjustments based on their needs. 5. Fixed Percentage Increase Renewal Lease: In this type of lease, the renewal is accompanied by a fixed percentage increase in rental rates. Typically, the lease agreement specifies the percentage or formula used to calculate the increase. This provides a predictable way to adjust the rent for both parties when the lease is renewed. In summary, a lease with a renewal clause allows tenants to extend their lease beyond the initial lease term. There are various types of lease with renewal clauses, including standard renewal leases, automatic renewal leases, stipulated notice renewal leases, negotiated renewal leases, and fixed percentage increase renewal leases, each offering different terms and conditions for exercising the renewal option.
