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
Category:
State:
Multi-State
Control #:
US-OL24014
Format:
Word;
PDF
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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.
The main difference, however, is that a contract extension extends the term of the contract based on the existing contract, while a contract renewal replaces the existing contract with a new one. A contract renewal is essentially a contract extension without a change in the terms of the contract.
The Consumer Protection Act (CPA) requires the Landlord to give the Tenant written notice of not less than 40 days and not more than 80 days before the lease expires, to decide whether they are going to renew their lease agreement or not.
A lease renewal is when the tenant and landlord agree to another lease term, which may require creating a new lease with updated clauses and a higher rent price in most cases. A lease extension is when tenants need the term extended for a certain period with a lease amendment.
A residential lease is granted for a specific term. At the expiration of this term, the property reverts to the landlord. Once a lease has been granted the term immediately begins to get shorter.
Lease Renewal means a legal document that extends the period of time that the original lease is in effect. A lease renewal may include minor changes to the original lease such as a change to the rental amount.
