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 Mississippi Renewal Option Provision, often referred to as the Mississippi Renewal Option, is a specific provision in insurance policies that allows policyholders to extend their coverage for an additional term, typically one year, without undergoing a new underwriting process. This provision benefits policyholders by ensuring continuity of coverage and protecting against potential lapses in insurance. In Mississippi, there are various types of Renewal Option Provisions available to policyholders: 1. Standard Renewal Option: This is the most common type of renewal provision offered in insurance policies. It allows policyholders to continue their coverage for a specific term, usually one year, upon expiration of the initial policy term. The premium for the renewal term may be adjusted based on factors such as age, claims history, and changes in the insured's circumstances. 2. Guaranteed Renewal Option: This type of provision guarantees policyholders the right to renew their insurance policy for a specific term as long as they continue to pay the premiums and fulfill any other policy requirements. Unlike the standard renewal option, the premium for the renewal term is predetermined and cannot be individually adjusted based on the insured's circumstances. 3. Conditional Renewal Option: The conditional renewal option gives the insurer the discretion to renew or decline the policy upon expiry. The insurer may consider factors like the insured's claims history, changes in risk profiles, or market conditions before deciding whether to renew the policy. The premium for the renewal term can be adjusted based on the insurer's evaluation of the insured's risk. 4. Automatic Renewal Option: Also known as "evergreen" or "continuous renew ability," this provision ensures that the policy automatically renews at the end of each term, without the need for any action from the policyholder. The premium may be adjusted based on predetermined factors or market conditions. Policyholders in Mississippi should carefully review their insurance policies to understand the specific type of renewal option provision offered and its associated terms and conditions. It is crucial to be aware of any deadlines or requirements for exercising the renewal option, as failure to comply may result in the termination of coverage or the need to undergo a new underwriting process.The Mississippi Renewal Option Provision, often referred to as the Mississippi Renewal Option, is a specific provision in insurance policies that allows policyholders to extend their coverage for an additional term, typically one year, without undergoing a new underwriting process. This provision benefits policyholders by ensuring continuity of coverage and protecting against potential lapses in insurance. In Mississippi, there are various types of Renewal Option Provisions available to policyholders: 1. Standard Renewal Option: This is the most common type of renewal provision offered in insurance policies. It allows policyholders to continue their coverage for a specific term, usually one year, upon expiration of the initial policy term. The premium for the renewal term may be adjusted based on factors such as age, claims history, and changes in the insured's circumstances. 2. Guaranteed Renewal Option: This type of provision guarantees policyholders the right to renew their insurance policy for a specific term as long as they continue to pay the premiums and fulfill any other policy requirements. Unlike the standard renewal option, the premium for the renewal term is predetermined and cannot be individually adjusted based on the insured's circumstances. 3. Conditional Renewal Option: The conditional renewal option gives the insurer the discretion to renew or decline the policy upon expiry. The insurer may consider factors like the insured's claims history, changes in risk profiles, or market conditions before deciding whether to renew the policy. The premium for the renewal term can be adjusted based on the insurer's evaluation of the insured's risk. 4. Automatic Renewal Option: Also known as "evergreen" or "continuous renew ability," this provision ensures that the policy automatically renews at the end of each term, without the need for any action from the policyholder. The premium may be adjusted based on predetermined factors or market conditions. Policyholders in Mississippi should carefully review their insurance policies to understand the specific type of renewal option provision offered and its associated terms and conditions. It is crucial to be aware of any deadlines or requirements for exercising the renewal option, as failure to comply may result in the termination of coverage or the need to undergo a new underwriting process.
