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 Broward Florida Renewal Option Provision is a legal provision that allows tenants in the Broward County region of Florida to extend the terms of their lease agreement for a defined period. This provision is often included in commercial real estate leases and provides tenants with the opportunity to continue occupying the property under predetermined conditions. The Broward Florida Renewal Option Provision offers tenants the flexibility to extend their lease agreement without having to renegotiate all the terms and conditions from scratch. It provides both tenants and landlords with a certain level of certainty for future occupancy and helps establish a stable rental income stream. There are different types of Broward Florida Renewal Option Provisions available to tenants, depending on the specific terms negotiated between the parties involved. Some common types include: 1. Fixed Renewal Option: This type of provision allows tenants to renew their lease for a predetermined fixed term, such as one year or five years. The rent amount for the renewal term may be predetermined or subject to negotiation. 2. Percentage Rent Renewal Option: In this type of provision, the renewal terms are based on a percentage of the tenant's gross sales or revenue. It is commonly used in retail leases where the tenant's business performance directly affects the rental amount. 3. Market Rate Renewal Option: Under this provision, the renewal terms are based on the prevailing market rates at the time of renewal. The rent for the renewal term is determined by considering factors such as market demand, property location, and prevailing rental rates in the Broward County area. 4. Step-Up Rent Renewal Option: This provision allows for incremental increases in rent over the renewal term. For example, the lease may include a clause where the rent amount increases by a fixed percentage or dollar amount annually during the renewal period. It's important for tenants to carefully review the terms of the Broward Florida Renewal Option Provision and seek legal advice if necessary, to fully understand their rights and obligations. The specific details and conditions of the provision can vary greatly depending on the lease agreement, so it's crucial to negotiate and include the desired renewal terms during the initial lease negotiation stage.
