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.
The Minnesota Renewal Option Provision is a legal clause that provides parties with the option to extend or renew a lease agreement in the state of Minnesota. This provision ensures that tenants have the opportunity to continue occupying a property beyond the initial lease term, offering stability and flexibility for both landlords and tenants. Under this provision, tenants have the right to request an extension or renewal of their lease at the end of the term, without having to negotiate a completely new lease agreement. This provision is particularly beneficial for tenants who want to maintain their current premises, as it eliminates the stress and uncertainty of finding a new rental property. The Minnesota Renewal Option Provision can take various forms, depending on the specific terms agreed upon by the landlord and tenant. Some common types include: 1. Fixed-term Renewal Option: This type allows tenants to renew their lease for a specific period, usually for another year. The rent may be subject to adjustment based on market conditions or pre-defined terms. 2. Rolling Renewal Option: With this type, the lease automatically renews on a monthly basis unless either party provides notice to terminate or change the terms. This option provides maximum flexibility for tenants while allowing the landlord to maintain occupancy. 3. Do-or-Die Renewal Option: This provision requires tenants to notify the landlord of their intention to renew the lease within a specific timeframe. Failure to provide notice within the stipulated period may result in automatic termination of the lease agreement. 4. Conditional Renewal Option: In this case, tenants can renew their lease if certain conditions are met, such as performing necessary repairs or adhering to specific terms outlined in the original lease agreement. The Minnesota Renewal Option Provision plays a crucial role in ensuring that both landlords and tenants have the opportunity to continue their relationship beyond the initial lease term. It provides an avenue for stability and continuity, allowing tenants to stay in a familiar location and landlords to retain reliable occupants. Whether it is a fixed-term, rolling, do-or-die, or conditional renewal option, this provision grants peace of mind and fosters a positive and harmonious landlord-tenant relationship in the state of Minnesota.
