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 Collin Texas Renewal Option Provision is a clause commonly found in commercial real estate leases that allows tenants the right to extend their lease if certain conditions are met. This provision is designed to provide flexibility for tenants and can be tailored to meet their specific needs. The Collin Texas Renewal Option Provision allows tenants to extend their lease for a predetermined period of time, typically ranging from one to five years. The tenant must exercise their right to renew within a specific time frame, usually between six and 12 months before the current lease term expires. There are different types of Collin Texas Renewal Option Provisions that tenants can negotiate depending on their requirements. These include: 1. Fixed Renewal Option: This type of provision specifies a fixed term for the renewal period. For example, a tenant may negotiate a renewal option for an additional three years. 2. Percentage Rent Renewal Option: In this scenario, the renewal option is contingent upon the tenant's ability to reach a certain level of sales or revenue. If the predefined threshold is met, the tenant can exercise their right to renew. 3. Market Rent Renewal Option: With this type of provision, the renewal rent is based on the prevailing market rates at the time of renewal. This ensures that the tenant pays fair market rent during the extended lease period. 4. Step-Up Rent Renewal Option: In a step-up provision, the renewal rent is increased by a predetermined percentage or fixed amount every year. This type of clause protects the landlord from potential inflation and ensures rental income growth. The Collin Texas Renewal Option Provision provides tenants with the ability to secure their occupancy for an extended period, offering stability and continuity for their business operations. Tenants should carefully review the terms of the provision and seek legal advice to ensure that their rights and interests are adequately protected.The Collin Texas Renewal Option Provision is a clause commonly found in commercial real estate leases that allows tenants the right to extend their lease if certain conditions are met. This provision is designed to provide flexibility for tenants and can be tailored to meet their specific needs. The Collin Texas Renewal Option Provision allows tenants to extend their lease for a predetermined period of time, typically ranging from one to five years. The tenant must exercise their right to renew within a specific time frame, usually between six and 12 months before the current lease term expires. There are different types of Collin Texas Renewal Option Provisions that tenants can negotiate depending on their requirements. These include: 1. Fixed Renewal Option: This type of provision specifies a fixed term for the renewal period. For example, a tenant may negotiate a renewal option for an additional three years. 2. Percentage Rent Renewal Option: In this scenario, the renewal option is contingent upon the tenant's ability to reach a certain level of sales or revenue. If the predefined threshold is met, the tenant can exercise their right to renew. 3. Market Rent Renewal Option: With this type of provision, the renewal rent is based on the prevailing market rates at the time of renewal. This ensures that the tenant pays fair market rent during the extended lease period. 4. Step-Up Rent Renewal Option: In a step-up provision, the renewal rent is increased by a predetermined percentage or fixed amount every year. This type of clause protects the landlord from potential inflation and ensures rental income growth. The Collin Texas Renewal Option Provision provides tenants with the ability to secure their occupancy for an extended period, offering stability and continuity for their business operations. Tenants should carefully review the terms of the provision and seek legal advice to ensure that their rights and interests are adequately protected.
