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 Kings New York Renewal Option Provision is a lease agreement clause that grants tenants the right to renew their lease under specific terms and conditions. This provision enables tenants to keep occupying the premises upon the expiration of the initial lease term, providing them with stability and continuity for their business operations. The Kings New York Renewal Option Provision offers tenants the opportunity to extend their lease for an additional period, usually with predetermined rent rates, lease terms, and renewal periods. There are several variations of the Kings New York Renewal Option Provision that may be named differently depending on the specific terms and conditions outlined in the lease agreement. Some different types include: 1. Fixed-term Renewal Option: This type of renewal provision allows tenants to renew their lease for a specific predetermined period, such as one year or two years. The rent amount and other terms are often set in advance. 2. Percentage Increase Renewal Option: With this type, tenants have the right to renew the lease, and the rent is adjusted based on a predetermined percentage increase. For example, the rent may increase by 3% annually during the renewal term. 3. Market-based Renewal Option: In this scenario, the lease agreement grants tenants the right to renew the lease at the market rate prevailing at the time of renewal. This provision ensures that the rent remains competitive and aligns with the current market conditions. 4. Conditional Renewal Option: This type of provision includes specific conditions that tenants must meet to exercise their renewal right. Conditions may include maintaining a certain occupancy rate, adhering to lease terms, or meeting specific performance indicators. 5. Negotiated Renewal Option: This provision allows tenants and landlords to negotiate the new lease terms upon renewal. This type provides flexibility for both parties to discuss and agree on rent adjustments, lease amendments, or other relevant terms before entering into the renewed lease agreement. 6. Automatic Renewal Option: With this provision, the lease is automatically renewed unless either party provides notice to terminate. The terms of the lease are typically carried forward into the renewed agreement unless otherwise stated. The Kings New York Renewal Option Provision grants tenants the valuable opportunity to continue their lease agreements under predefined conditions, providing stability and ongoing occupancy in their preferred locations. It is important for both tenants and landlords to carefully review and negotiate the terms of this provision to ensure that their interests are protected and aligned throughout the lease renewal process.The Kings New York Renewal Option Provision is a lease agreement clause that grants tenants the right to renew their lease under specific terms and conditions. This provision enables tenants to keep occupying the premises upon the expiration of the initial lease term, providing them with stability and continuity for their business operations. The Kings New York Renewal Option Provision offers tenants the opportunity to extend their lease for an additional period, usually with predetermined rent rates, lease terms, and renewal periods. There are several variations of the Kings New York Renewal Option Provision that may be named differently depending on the specific terms and conditions outlined in the lease agreement. Some different types include: 1. Fixed-term Renewal Option: This type of renewal provision allows tenants to renew their lease for a specific predetermined period, such as one year or two years. The rent amount and other terms are often set in advance. 2. Percentage Increase Renewal Option: With this type, tenants have the right to renew the lease, and the rent is adjusted based on a predetermined percentage increase. For example, the rent may increase by 3% annually during the renewal term. 3. Market-based Renewal Option: In this scenario, the lease agreement grants tenants the right to renew the lease at the market rate prevailing at the time of renewal. This provision ensures that the rent remains competitive and aligns with the current market conditions. 4. Conditional Renewal Option: This type of provision includes specific conditions that tenants must meet to exercise their renewal right. Conditions may include maintaining a certain occupancy rate, adhering to lease terms, or meeting specific performance indicators. 5. Negotiated Renewal Option: This provision allows tenants and landlords to negotiate the new lease terms upon renewal. This type provides flexibility for both parties to discuss and agree on rent adjustments, lease amendments, or other relevant terms before entering into the renewed lease agreement. 6. Automatic Renewal Option: With this provision, the lease is automatically renewed unless either party provides notice to terminate. The terms of the lease are typically carried forward into the renewed agreement unless otherwise stated. The Kings New York Renewal Option Provision grants tenants the valuable opportunity to continue their lease agreements under predefined conditions, providing stability and ongoing occupancy in their preferred locations. It is important for both tenants and landlords to carefully review and negotiate the terms of this provision to ensure that their interests are protected and aligned throughout the lease renewal process.
