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.
Illinois Renewal Option Provision
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Multi-State
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US-OL24014
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How to fill out Renewal Option Provision?
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FAQ
A renewal option is common in business and rental lease agreements. A renewal option allows for a lease to apply to a specified time period, but the lease can be extended for another term if agreed upon by the participating parties.
45-35. Not-for-profit agencies for persons with significant disabilities. accrediting organization or certified as a developmental training provider by the Department of Human Services.
(a) A person commits unlawful stringing of bids when he or she, with the intent to evade the bidding requirements of any unit of local government or school district, knowingly strings or assists in stringing or attempts to string any contract or job order with the unit of local government or school district.
Prohibition of Political Contributions Section 50-37 of the Illinois Procurement Code prohibits certain types of political contributions from business entities and affiliated persons of business with bids, proposals or contracts in excess of $50,000 annually.
Per [30 ILCS 500/20-20], The Small Purchase Threshold for each catagory is: Professional and Artistic: $100,000 (+CPI) Commodities and Services: $100,000 (+CPI) Construction: $100,000 (+CPI)
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. The terms of the option can include the length of the new term, a change in rent, and other modifications.
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.
Effective January 1, 2023, Section 45-105 of the Illinois Procurement Code (30 ILCS 500) requires a bid preference for Illinois businesses on Illinois-based projects. A new Certification N, if applicable, will be included in the bid proposal package requirements of the electronic bidding software (iCX).
