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.
Kentucky Renewal Option Provision, also known as the Kentucky Renewable Energy and Efficiency Portfolio Standard (REPS), is a policy implemented by the state of Kentucky to encourage and promote the use of renewable energy sources and energy efficiency practices. It is aimed at reducing dependence on fossil fuels, increasing energy independence, and mitigating environmental impact. The Kentucky Renewal Option Provision requires utility companies in the state to gradually increase the percentage of renewable energy sources in their overall energy generation portfolio. It sets specific targets for the percentage of renewable energy that must be included each year, gradually increasing over time. This provision applies to both investor-owned utilities (IOUs) and rural electric cooperatives (RCS) in Kentucky. The implementation of the Kentucky Renewal Option Provision offers several benefits. Firstly, it supports the growth of renewable energy industries, such as wind, solar, hydro, and biomass, by creating a demand for their products and services. This, in turn, stimulates economic development, job creation, and investment opportunities within the state. Secondly, the provision helps reduce greenhouse gas emissions and air pollutants associated with traditional energy production, leading to improved air quality and public health outcomes for Kentuckians. It contributes to the state's efforts to combat climate change and mitigate environmental degradation. Different types of Kentucky Renewal Option Provisions can vary based on the specific renewable energy targets set for different years. For example, the provision may require utility companies to source a certain percentage of their energy from renewable sources by 2025, and then further increase that percentage by 2030. The exact targets and deadlines can differ based on the legislative decisions and goals set by the state government. Overall, the Kentucky Renewal Option Provision demonstrates the state's commitment to transitioning towards a sustainable and greener energy future. By encouraging the adoption of renewable energy sources and energy-efficient practices, Kentucky aims to contribute to global efforts to combat climate change and foster a cleaner, more sustainable environment for its residents.
