new lease with renewal option
at 360 West 125th Street (a second floor office space) that will be used as a boutique dental office for cosmetic dentistry and implant surgery.
The lease provided an initial term of one year and that "[t]he [lessee] shall have the right to renew this Lease Agreement yearly upon the same terms and conditions" Schmidt exercised the yearly renewal option
consistently through 2005, when Manchester died and his property was devised to Paulette Carlson Smith.
By negotiating a renewal option
past the primary term at fixed rents, the seller/lessee can enjoy below-market rental costs while getting greater potential sublease income.
The law office lease was signed in 1987 with a renewal option
the firm exercised in December 1991.
The contract has a renewal option
upon successful completion of a review in March 2002.
Because franchises tend to be long-term contracts, the business, economic and competitive conditions prevailing when the renewal option
ultimately becomes exercisable may vastly differ from those prevailing when the option was originally granted.
There is no mandatory requirement that a lessee exercise a renewal option
in order to renew a lease.
If FM does not exercise the fixed-payment option and X exercises its put renewal option
, X can require FM to purchase a letter of credit guaranteeing the put renewal rents.
The Manhattan restaurateur inked a 15-year lease with a five-year renewal option
at 545 Fifth Avenue.
The deal will have an initial five year term, with the first year considered to be comprised of 18 months, with five one-year renewable options if no defaults remain uncured at the time of the exercise of any renewal option
The agreement with Great Plains, which is a privately-owned facility, renews an existing contract for five more years, with an additional renewal option
, and involves upgraded service that includes Value-Added's newest feature -- Commissary On-Line Debit, which allows inmates to pay for calls from their cashless canteen system and allows the correctional facility to update the inmates account instantaneously.
The restaurateur inked a five-year lease with a five-year renewal option