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Option To Renew Lease
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The option to renew also called the option to extend clause is included on most boilerplate lease agreements It is negotiable and you should be aware that the original clause is often written to protect or benefit the landlord so it s important that you understand the clause and negotiate it in order to make sure that it benefits your own
OPTION TO RENEW LEASE Lessee shall have the option to renew this Lease for one 1 additional term of seven 7 years by notifying Lessor in accordance with notice provisions contained herein ninety 90 days in advance of the scheduled expiration of this Lease
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Free Printable Lease Renewal Letter Templates Word PDF Sample Landlord
Free Printable Lease Renewal Letter Templates Word PDF Sample Landlord
Exercising an option to renew a commercial or retail lease is usually straightforward but it can become complicated if you are not aware of the process It is key that tenants understand their general rights to renew the lease what steps they need to take to exercise the option to renew any criteria associated with the option and
An option to renew is a contractual provision in a commercial lease that grants the tenant the right but not the obligation to extend the lease term for an additional period after the initial lease term ends
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Free Lease Renewal Extension Agreement PDF Word EForms
Free Lease Renewal Extension Agreement PDF Word EForms
A contractual option to take a lease for a further term is a call option It confers a unilateral right on the tenant to call for a renewal lease There is no obligation on the tenant to exercise this right but if the tenant does so the landlord must then perform its part of the bargain
Option to renew clauses can be incredibly valuable tools in lease agreements They provide security for tenants and stability for landlords when structured properly At Bellhaven Real Estate we help both landlords and tenants navigate lease negotiations including renewal options
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OPTION TO RENEW LEASE Lessee shall have the option to renew this Lease for one 1 additional term of seven 7 years by notifying Lessor in accordance with notice provisions contained herein ninety 90 days in advance of the scheduled expiration of this Lease
https://perspectivelaw.com › leases-exercising...
Options to renew are common in both retail and commercial leases to provide the Landlord and the tenant with the opportunity to extend the term of the lease without the need to renegotiate a majority of the terms
OPTION TO RENEW LEASE Lessee shall have the option to renew this Lease for one 1 additional term of seven 7 years by notifying Lessor in accordance with notice provisions contained herein ninety 90 days in advance of the scheduled expiration of this Lease
Options to renew are common in both retail and commercial leases to provide the Landlord and the tenant with the opportunity to extend the term of the lease without the need to renegotiate a majority of the terms
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Option To Renew Lease