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 Missouri Renewal Option Provision refers to a specific clause or provision within a lease agreement that allows the tenant to extend or renew their lease term at the end of the initial lease period. This provision provides stability and flexibility for tenants, ensuring they have the option to continue occupying the same premises without the need to negotiate a new lease agreement. Renters in Missouri benefit from the Renewal Option Provision as it gives them the ability to maintain their existing location, avoid potential disruptions, and potentially secure favorable rental terms. Landlords also benefit from this provision as it reduces the risk of vacancy and provides them with a continued stream of rental income. There are different types of Renewal Option Provisions that can be included in a lease agreement in Missouri: 1. Automatic Renewal Provision: This type of provision automatically extends the lease for an additional term at the end of the initial lease period, without requiring any specific action from the tenant. The terms and conditions of the renewed lease, such as rent increase, may be outlined in the original lease agreement or subject to negotiation. 2. Conditional Renewal Provision: This provision allows the tenant to renew the lease only if certain conditions specified in the lease agreement are met. For example, the tenant may need to provide a written notice of their intention to renew within a specific timeframe or agree to any rent changes proposed by the landlord. 3. Negotiated Renewal Provision: Unlike the automatic or conditional renewal provisions, this type of provision requires the tenant and landlord to engage in negotiations for the lease renewal. This allows both parties to discuss and potentially update the terms of the lease, such as rent amount, security deposit, or lease duration. It is important for tenants and landlords in Missouri to thoroughly review and understand the terms and conditions of the Renewal Option Provision in their lease agreement to ensure compliance and avoid any misunderstandings or disputes. Seeking legal advice or consulting with a real estate professional can further assist in understanding the specific rights and obligations associated with the Missouri Renewal Option Provision.
