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.
Rhode Island Renewal Option Provision is a legal clause that grants the option for tenants to renew their lease agreement for a specified period of time, typically upon expiration of the initial lease term. It is a widely utilized provision in commercial real estate leases in Rhode Island, offering tenants the opportunity to extend their lease and continue occupying the property. The Rhode Island Renewal Option Provision serves as a safeguard for both tenants and landlords. Tenants benefit from the ability to secure additional time in the leased premises, ensuring continuity of their business operations without the hassle and uncertainty of finding a new location. Landlords, on the other hand, benefit from the assurance of ongoing occupancy and the potential avoidance of vacancy, which aids in maintaining a consistent rental income stream. There are a few different types of Rhode Island Renewal Option Provisions that can be included in a lease agreement: 1. Automatic Renewal: This type of provision automatically extends the lease for an additional period, as stipulated in the original agreement, unless either the tenant or landlord provides written notice to terminate the lease. 2. Options to Renew: In this type of provision, the tenant has the right, but not the obligation, to renew the lease for a specific period, upon giving notice within a predefined timeframe. This offers flexibility for tenants who may not wish to commit to a long-term lease initially but want to retain the option to extend. 3. Negotiated Renewal: This provision allows the tenant and landlord to negotiate the terms and conditions of renewal, including rent adjustments, lease duration, and any other relevant provisions. It provides an opportunity for both parties to reassess their needs and negotiate updated terms for the lease extension. 4. Rent Escalation Renewal: Some leases may include a provision where the rent for the renewed lease term is predetermined or subject to an agreed-upon formula. This ensures predictability for both parties, as they know in advance how the rental amount will change for the extended period. It is important to note that the specific terms and conditions of Rhode Island Renewal Option Provision can vary depending on the lease agreement and the needs of the tenant and landlord. Therefore, it is crucial for both parties to thoroughly review and negotiate this provision to ensure mutual understanding and agreement.Rhode Island Renewal Option Provision is a legal clause that grants the option for tenants to renew their lease agreement for a specified period of time, typically upon expiration of the initial lease term. It is a widely utilized provision in commercial real estate leases in Rhode Island, offering tenants the opportunity to extend their lease and continue occupying the property. The Rhode Island Renewal Option Provision serves as a safeguard for both tenants and landlords. Tenants benefit from the ability to secure additional time in the leased premises, ensuring continuity of their business operations without the hassle and uncertainty of finding a new location. Landlords, on the other hand, benefit from the assurance of ongoing occupancy and the potential avoidance of vacancy, which aids in maintaining a consistent rental income stream. There are a few different types of Rhode Island Renewal Option Provisions that can be included in a lease agreement: 1. Automatic Renewal: This type of provision automatically extends the lease for an additional period, as stipulated in the original agreement, unless either the tenant or landlord provides written notice to terminate the lease. 2. Options to Renew: In this type of provision, the tenant has the right, but not the obligation, to renew the lease for a specific period, upon giving notice within a predefined timeframe. This offers flexibility for tenants who may not wish to commit to a long-term lease initially but want to retain the option to extend. 3. Negotiated Renewal: This provision allows the tenant and landlord to negotiate the terms and conditions of renewal, including rent adjustments, lease duration, and any other relevant provisions. It provides an opportunity for both parties to reassess their needs and negotiate updated terms for the lease extension. 4. Rent Escalation Renewal: Some leases may include a provision where the rent for the renewed lease term is predetermined or subject to an agreed-upon formula. This ensures predictability for both parties, as they know in advance how the rental amount will change for the extended period. It is important to note that the specific terms and conditions of Rhode Island Renewal Option Provision can vary depending on the lease agreement and the needs of the tenant and landlord. Therefore, it is crucial for both parties to thoroughly review and negotiate this provision to ensure mutual understanding and agreement.
