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.
Florida Renewal Option Provision
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Multi-State
Control #:
US-OL24014
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Word;
PDF
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How to fill out Renewal Option Provision?
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FAQ
up business may, for example, rent an office space for three years. A renewal option would allow the business to renew or extend the lease to remain in the office space beyond the threeyear lease term.
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.
For example, ?This agreement shall automatically renew for an additional term if either party fails to give the other written notice of their intent not to renew at least 30 (or 60, or 90) days prior to the expiration of the current term.?
An option to renew gives the tenant the right to continue the tenancy for the option period agreed in the lease. Options to renew may be preferable to one lease of many years because they provide the tenant with a means for discontinuing the lease at the end of a specified period.
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.
A Florida Landlord may not want to renew a Tenant's Lease for several reasons. However, they are not required to disclose them. While some leases require that that they give notice of non-renewal, others do not.
Lease Renewal in Florida In Florida, when a lease expires, unless it is renewed, it is presumed to have terminated. However, if the lease agreement does not stipulate an exact lease end date, the tenant must notify the landlord of their intention to terminate or continue the contract.
