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.
Oklahoma Renewal Option Provision
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Multi-State
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US-OL24014
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FAQ
Once the option is included in the lease, then provided the tenant complies with its obligations under the lease, the landlord cannot refuse to renew the lease for the option term.
A renewal option is common in business and rental lease agreements. 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.
Typically, a tenant is required to give written notice of their exercise of the option several months before the current term of the lease expires ? typically a period of time ending three to six months before expiration of the current term of occupancy.
An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.
An option to renew gives the tenant the right to continue the tenancy for the option period agreed in the lease. Options to renew may be preferable to one lease of many years because they provide the tenant with a means for discontinuing the lease at the end of a specified period.
A renewal option is a clause in a financial agreement that outlines the terms for renewing or extending an original agreement. The renewal option appears as a covenant in the original agreement and provides specifications under which the entities can renew or extend the original terms for an additional, specified time.
Both the landlord and the tenant must agree to renew. If they don't come to an agreement, landlords usually make other plans. ?At the time that their lease is over then their contract ends and they would be required to move out," said Keri Cooper, executive director of the Tulsa Apartment Association.
A lease renewal is when the tenant and landlord agree to another lease term, which may require creating a new lease with updated clauses and a higher rent price in most cases. A lease extension is when tenants need the term extended for a certain period with a lease amendment.
