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.
Texas Renewal Option Provision
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Multi-State
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US-OL24014
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How to fill out Renewal Option Provision?
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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 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.
Note: Difference between option to renew and extend ? where the parties agree to ?extend? the existing lease is continued, where the parties ?renew? this creates a new lease.
up business may, for example, rent an office space for three years. A renewal option would allow the business to renew or extend the lease to remain in the office space beyond the threeyear lease term.
Section 94.055 - Notice of Lease Renewal (a) The landlord shall provide a tenant a notice to vacate the leased premises or an offer of lease renewal: (1) not later than the 60th day before the date the current lease term expires; or (2) if the lease is a month-to-month lease, not later than the 60th day before the date ...
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 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.
