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.
Nebraska Renewal Option Provision, also known as the Nebraska Renewal Option, is a clause commonly included in lease agreements. It grants the tenant the right to extend the lease for an additional term upon its expiration, subject to specific conditions and terms outlined in the lease contract. The Nebraska Renewal Option Provision provides both the landlord and the tenant with flexibility and stability. Tenants who are satisfied with their current space and want to continue leasing it can exercise this provision to extend their lease agreement. Landlords, on the other hand, can benefit from the assurance of a long-term tenant while saving time and resources that would otherwise be required for finding a new tenant. The Nebraska Renewal Option Provision typically includes essential details such as the length of the extension period, the deadline for exercising the option, and any applicable conditions or requirements. These conditions may include obligations for the tenant to provide notice of their intent to renew within a specified timeframe, maintaining the property in good condition, or even negotiating a revised rental rate. There are two primary types of Nebraska Renewal Option Provision: 1. Automatic Renewal: This type activates the renewal option automatically unless the tenant notifies the landlord of their intent not to renew within the specified time frame. Automatic renewal offers convenience for tenants as they do not need to proactively negotiate or communicate their desire to extend. However, tenants must carefully adhere to the notification period stated in the lease to avoid unintended automatic renewals. 2. Contingent Renewal: This type requires the tenant to actively notify the landlord of their intention to exercise the renewal option within the given timeframe. Unlike automatic renewal, the tenant needs to initiate the renewal process and negotiate any necessary terms. Contingent renewal provisions allow for more flexibility and can lead to updated lease conditions beneficial to both parties. In summary, the Nebraska Renewal Option Provision provides tenants with the choice to extend their lease agreement, allowing for long-term occupancy and stability. By understanding the specific conditions and types of renewal options available, tenants can make well-informed decisions to meet their business or personal needs while ensuring compliance with the lease contract.
