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 New York Renewal Option Provision is a legal provision that grants tenants in New York City the right to renew their lease at the end of its term. This provision aims to provide stability and security to tenants, ensuring that they have the option to remain in their current rental unit without the fear of being displaced due to a non-renewal. Under the New York Renewal Option Provision, tenants have the right to request a lease renewal from their landlord. Landlords must notify tenants of their renewal rights at least 90 days before the lease expiration date, or up to 150 days if the tenant has resided in the unit for more than one year. There are several types of New York Renewal Option Provisions based on the type of rental unit and its location within the city. These include: 1. Rent Stabilization: The Rent Stabilization Renewal Option Provision covers rent-stabilized units, which are subject to annual rent increases set by the Rent Guidelines Board. This provision ensures that tenants in these units have the right to renew their lease at the regulated rent. 2. Rent Control: Rent Control Renewal Option Provision applies to rent-controlled units, which are subject to even stricter rent regulations than rent-stabilized units. This provision allows tenants to renew their lease at the controlled rent and grants additional rights, such as succession rights for family members. 3. Rent Guidelines Board Increase: This provision is applicable to market-rate units located in buildings with six or more rental units. It allows tenants to renew their lease with any increases set by the Rent Guidelines Board for that year. 4. Section 8 Voucher Holders: Tenants who receive rental assistance through the federal Section 8 program have the right to lease renewal, provided they comply with program requirements and the landlord continues to participate in the program. In summary, the New York Renewal Option Provision is a crucial legal protection that enables tenants in New York City to request and renew their lease at the end of its term. By providing stability and security, these provisions offer tenants the opportunity to continue their tenancy without the risk of displacement or sudden rent hikes.
