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Most landlords prefer to avoid granting options to extend the term of a lease. Nevertheless, as a valuable inducement that landlords can offer to prospective tenants, they will frequently agree to grant them. This article explores ' from the landlord's perspective ' how to evaluate and craft an option to extend. A moderate, landlord-oriented sample option to extend the lease term provision is included'below for your convenience.
Use Option to Extend (Avoid Option to Renew)
There are differences between an “extension” option and a “renewal” option. An option to renew creates a new leasehold estate and effectively surrenders the original lease. Landlords might inadvertently expose themselves to an argument by a tenant that renewing the lease should repeat all of the landlord's lease concessions (which are commonly front-end loaded). Stick with “extension” language, which will continue the existing leasehold estate (and stay away from “renewal” language).
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