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How many years do I have to renew my lease?

How many years do I have to renew my lease?

Lease Renewal . This Lease may be renewed for a subsequent term of two (2) years (each a “Renewal Term”) with option for four (4) additional renewal terms if two (2) years each, on such terms as are acceptable to Tenant and to Landlord. The term of this Lease, including the Initial Term and any Renewal Term(s),…

How is the rent paid during a lease renewal?

The Rent payable during the Renewal Term shall be equal to the average of the Rent payable during the twelve (12) month period immediately preceding the Renewal Term until the Fair Market Rental Value is determined, at which time the prior Rent payments shall be adjusted to take into account such determination.

Where can I find the lease renewal agreement?

Document the full name of the Tenant choosing to renew his or her lease will the Landlord above on the final blank line in Article “I. Parties”. This area is found just after the word “Tenant.” The leased property at the heart of this renewal must be clearly identified for this document to function properly.

When do lease modifications extend the lease term?

Extending the lease term is a modification as defined because the extension was not contemplated in the original terms of the lease. Consequently, Entity B should account for the leases as new leases from 1 June 2019, being the effective date of the modification.

What do you need to know about a month to month lease renewal?

Renewing to a Month-to-Month Rental Lease A fixed-term lease renewal is when you sign a new lease with current tenants for a fixed period of time. However, tenants may want a month-to-month lease renewal instead, meaning the lease continues on a month-to-month basis. This is helpful for tenants if they want to temporarily stay in your unit.

What does it mean to renew lease on Zillow?

Renewing a lease generally means signing your existing tenant to a new lease with terms that are the same as or similar to their current lease. Sometimes a lease renewal is an extension of the current lease. With Zillow Rental Manager, you can easily create a lease online, review and sign it with your tenant.

What happens if tenant does not want to renew lease?

WHAT IF THE TENANT DOES NOT WANT A RENT RENEWAL? When a lease expires, a tenant may opt to move, renew a lease, or continue to pay rent as a month to month tenant. If you offer a lease renewal, agreement is at the tenant’s discretion. If they choose not to renew a lease, they must vacate the property in accordance with the expiring lease.

What are the benefits of renewing a lease?

Benefits of Lease Renewals. When you renew your lease, you’re able to keep good tenants that pay rent on-time, take care of your property, and are easy to work with when handling maintenance. Lease renewals also help you avoid long periods of vacancy, which can make the process to find a tenant stressful.

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