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 Oklahoma Renewal Option Provision is a legal clause that allows tenants and landlords in the state of Oklahoma to extend or renew their lease agreement for a specified period of time once the initial lease term expires. This provision provides flexibility for both parties involved, ensuring continued occupancy while giving an opportunity to make necessary adjustments to the terms and conditions of the lease. Under the Oklahoma Renewal Option Provision, there are several types or variations that tenants and landlords can consider: 1. Automatically renewing lease: Also known as an automatic renewal clause, this type of provision states that the lease will automatically renew for a predetermined term (e.g., six months, one year) unless one of the parties provides notice of non-renewal within a specified timeframe. This ensures that the tenant can continue residing in the property and the landlord maintains a stable rental income stream. 2. Fixed-term renewal option: With this provision, the lease agreement defines a specific period during which the tenant can exercise their option to renew the lease for an additional term. This allows tenants to secure their residence for a longer period, giving them peace of mind, while giving landlords advanced notice to prepare for potential changes. 3. Negotiated renewal option: This type of provision grants both parties the opportunity to negotiate and agree upon the terms of the lease renewal, including any changes to rent, lease duration, or other conditions. This provision allows for flexibility and ensures that both tenant and landlord can discuss and address any concerns or changes desired by either party. 4. Unilateral renewal option: In this scenario, only the tenant has the option to renew the lease for a specified term without the requirement for negotiation. The tenant may choose to exercise this provision if they desire stability in their housing situation without the need for ongoing negotiations. The Oklahoma Renewal Option Provision is designed to provide a fair and balanced mechanism for tenants and landlords to extend their lease agreements. It offers flexibility and certainty for the tenant while allowing the landlord to ensure a consistent and reliable rental income. It is crucial for both parties to thoroughly review and understand the specific terms and conditions outlined in their lease agreement to determine the type of renewal option provision that best suits their needs.
