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.
The District of Columbia Renewal Option Provision is a specific clause in lease agreements that grants tenants the right to extend or renew their lease for an additional period of time. This provision is relevant for both residential and commercial properties located in the District of Columbia, the capital of the United States. The Renewal Option Provision allows tenants to extend their lease beyond the initial lease term without having to negotiate a completely new lease agreement. It provides flexibility and security for tenants, especially those who have established a successful business or built a comfortable home in the District of Columbia. This clause typically outlines the terms and conditions under which the renewal option can be exercised. For instance, it may specify the notice period required for the tenant to exercise the option, the duration of the renewal period, and any potential changes in rent or other lease terms. The specifics may vary depending on the type of property and the agreement between the tenant and the landlord. There are two primary types of District of Columbia Renewal Option Provisions that are commonly found in lease agreements. These include: 1. Automatic Renewal: Under this type of provision, the lease agreement automatically renews for a specified period unless the tenant provides written notice to terminate the lease or the landlord gives notice of non-renewal within a specified timeframe. This type of provision offers convenience to both parties, as there is little to no negotiation involved. 2. Conditional Renewal: This type of provision requires the tenant to meet certain conditions or fulfill certain requirements in order to exercise the renewal option. For example, the tenant may be required to maintain a certain occupancy rate, make necessary repairs, or adhere to any additional terms outlined in the initial lease. This type of provision provides landlords with more control and the ability to ensure the tenant is meeting their obligations before extending the lease. It is important for tenants and landlords in the District of Columbia to understand and negotiate the terms of the Renewal Option Provision to avoid any misunderstandings or disputes in the future. Seeking legal advice or assistance from a qualified real estate professional can help ensure a clear and fair renewal option provision is included in the lease agreement.
