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.
Indiana Renewal Option Provision
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Multi-State
Control #:
US-OL24014
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How to fill out Renewal Option Provision?
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FAQ
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.
An example of the clause is illustrated in the following quote: ?Each Term shall automatically renew for subsequent periods of the same length as the initial Term unless either party gives the other written notice of termination at least thirty (30) days prior to expiration of the then-current Term."
Their purpose is to ensure the possibility of maintaining a stable and ongoing relationship without the necessity for extensive renegotiation or the creation of an entirely new contract.
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.
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.
A Renewal Option is a clause that allows the tenant the right to either extend their lease at specific terms upon the expiration of the current lease term; or, the right to negotiate to extend their lease 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 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.
