This office lease form is regarding the renewal or other extension of the lease as it relates to the "Base Year Taxes" and the "Base Year for Operating Expenses".
New York Option to Renew that Updates the Tenant Operating Expense and Tax Basis
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US-OL2402
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How to fill out Option To Renew That Updates The Tenant Operating Expense And Tax Basis?
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FAQ
A renewal option allows for a lease to apply to a specified time period, but the lease can be extended for another term if agreed upon by the participating parties. Renewal options may have specifications or conditions, such as when the lessee must let the landlord know if they will be renewing.
For non-rent regulated apartments, the landlord must agree to renew the lease and a tenant may be subject to eviction at the end of the lease term. However, a lease may contain an automatic renewal clause.
An option to renew confers on the tenant a right to continue to rent the property for a fresh term after the expiry of the current term, i.e. to renew the existing tenancy. With an option to renew, the tenant obtains another term of tenancy and the landlord is somewhat secured with rental income as agreed beforehand.
The owner must give written notice of renewal by mail or personal delivery not more than 150 days and not less than 90 days before the existing lease expires. A failure of the tenant to respond within 60 days of the offering may lead to eviction proceedings.
A renewal agreement is a new contract, usually for another fixed term. The tenancy terms may not be exactly the same as your current fixed term tenancy. Before you sign, check important things like the: rent. length of the fixed term.
Your tenancy becomes periodic automatically if you stay past the end of the fixed term without a renewal agreement. A joint tenancy becomes periodic if any of the joint tenants stay on, unless there's a new agreement in place. A periodic tenancy continues on the same terms and you should pay your rent as normal.
The main difference, however, is that a contract extension extends the term of the contract based on the existing contract, while a contract renewal replaces the existing contract with a new one. A contract renewal is essentially a contract extension without a change in the terms of the contract.
