Scribd
Upload
4K views2 pages

Lease Renewal Option Agreement

The document is an agreement granting the tenant an option to renew their lease for a further term. It specifies that if the tenant is not in default, they can renew the lease for an additional term by giving the landlord written notice at least 6 months before the current term expires. The terms of the renewed lease would be the same except for the rental amount, which would be negotiated, or submitted to arbitration if not agreed upon. The agreement expresses the full understanding between the parties regarding the lease renewal option.

Uploaded by

Legal Forms
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
4K views2 pages

Lease Renewal Option Agreement

The document is an agreement granting the tenant an option to renew their lease for a further term. It specifies that if the tenant is not in default, they can renew the lease for an additional term by giving the landlord written notice at least 6 months before the current term expires. The terms of the renewed lease would be the same except for the rental amount, which would be negotiated, or submitted to arbitration if not agreed upon. The agreement expresses the full understanding between the parties regarding the lease renewal option.

Uploaded by

Legal Forms
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 2

Option to Renew Lease

THIS AGREEMENT made as of between (the “Tenant”) and (the


“Landlord”).

WHEREAS by a lease dated (the “Lease”) the Tenant leased from the Landlord certain
premises known municipally as (the “Leased Premises”) for and during a term, (the
“Term”) of commencing on and expiring on ;

AND WHEREAS the Landlord has agreed to provide the Tenant with an option to renew the
Term for a further term of years from and ending on (the “Renewal Term”)
on the terms hereinafter set forth;

NOW THEREFORE in consideration of the mutual covenants and agreements herein contained
and for other good and valuable consideration (the receipt of which is hereby acknowledged), the
parties hereto agree as follows:

1. Provided that the Tenant is not then in default under the Lease, the Landlord hereby grants
to the Tenant an option (the “Option”) to renew the Lease for the Renewal Term.

2. The Option may be exercised by the Tenant not later than six (6) months prior to the end
of the Term by delivering to the Landlord notice in writing thereof (the “Notice”).

3. The terms and conditions of the Lease during the Renewal Term shall be the same as in the
Term except as to rental which shall be agreed to between the Landlord and the Tenant,
and except as to any further rights of renewal. In the event that the Landlord and Tenant
are unable to agree on the rental rate for a renewal term, the matter will be submitted to
arbitration pursuant to the applicable law then in effect.

4. This Agreement expresses the entire agreement between the parties concerning the subject
matter hereof and supersedes all previous agreements, whether written or oral, between
the parties respecting the subject matter hereof.

5. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of .

6. The Landlord and Tenant hereby covenant that the Lease is in full force and effect,
unamended, except as expressly provided for herein.

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first
above written.
Page 2

SIGNED, SEALED AND DELIVERED


in the presence of:

Witness

Witness

You might also like