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".
Wisconsin 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 tenancy agreement can normally only be changed if both you and your landlord agree. If you both agree, the change should be recorded in writing, either by drawing up a new written document setting out the terms of the tenancy or by amending the existing written tenancy agreement.
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.
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.
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.
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.
