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Commercial lease extension agreement

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This document is a Commercial Lease Agreement outlining the terms under which a Lessor leases premises to a Lessee for business purposes. It includes provisions regarding the lease term, rent payments, alterations, repairs, taxes, utilities, insurance requirements, and conditions for renewal. The agreement also details the rights and responsibilities of both parties in case of default, destruction of premises, condemnation, and other legal matters. Additionally, it stipulates that any disputes will be resolved through mandatory arbitration.

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What is the difference between an option to renew and a right of first refusal?

By choosing a right of first refusal versus an option, the owner of the property has more control over the sale of their property, whereas with an option the holder can force the sale at will. With a Right of First Refusal, the holder must wait until the owner decides to sell the property.

How do you exercise an option to renew a lease?

Typically, a tenant is required to give written notice of their exercise of the option several months before the current term of the lease expires typically a period of time ending three to six months before expiration of the current term of occupancy.

What is a lease option clause?

An option contract is an agreement that lets you pay for the right to buy certain property in the future. Buying an option does not require you to buy the property. But if you later choose to, you can follow the steps in your option contract to require the owner to sell you the property.

What is the option clause in a commercial lease?

Option clauses allow tenants to renew a lease, offering benefits for both parties if drafted clearly. Tenants must meet specific conditions and deadlines to exercise an option, or they lose the right to renew. Without an option clause, lease renewals require negotiation, which could result in higher rent or new terms.

How does an option work on a commercial lease?

There are many reasons why a Landlord and Tenant may choose to include an option in a commercial lease. The most common type of option is one that gives the Tenant the right to extend the lease term, usually for additional sometimes two or more terms of equal length to the original term.

What is the option to renew clause in a lease?

An Option to Renew clause allows a contract to be extended beyond its original term under specified conditions, typically at the discretion of one or both parties. It typically outlines the process for renewal, including notification requirements and any changes to terms or pricing.

What does the option clause in a lease allow a lessee to do?

The option fee grants the tenant the exclusive right to purchase the property and is typically non-refundable.

What is the option to purchase clause in a commercial lease?

Quick Takeaways. In a lease option, the tenant pays an upfront fee, known as the option fee, which gives them the right to purchase the property at a later date. A lease option provides the opportunity to lock in a future purchase price.

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What is the difference between an option to renew and a right of first refusal?

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What is a lease option clause?

What is the option clause in a commercial lease?

How does an option work on a commercial lease?

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What is the option to renew clause in a lease?

What does the option clause in a lease allow a lessee to do?

What is the option to purchase clause in a commercial lease?

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Get the up-to-date Commercial Lease Agreement with Option to Renew and Right to Make Alterations 2025 now

Here's how it works

How to rapidly redact Commercial Lease Agreement with Option to Renew and Right to Make Alterations online

Complete this form in 5 minutes or less

Got questions?

What is the difference between an option to renew and a right of first refusal?

How do you exercise an option to renew a lease?

What is a lease option clause?

What is the option clause in a commercial lease?

How does an option work on a commercial lease?

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People also ask

What is the option to renew clause in a lease?

What does the option clause in a lease allow a lessee to do?

What is the option to purchase clause in a commercial lease?

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