A lease renewal clause outlines the terms and procedures for extending a lease agreement beyond its original expiration date, often specifying conditions such as rental rate adjustments, renewal notice periods, and any changes to the original lease terms. This clause provides both the landlord and tenant with a framework for continuing the lease relationship under mutually agreed-upon terms.
The Landlord and the Tenant have agreed to enter into a Lease Renewal Agreement for the Leased Premises for a renewal term of three (3) years on the terms and conditions hereinafter set forth.
With the exception of the amendments to the Lease herein contained, during the Renewal Term all of the terms and conditions contained in the Lease are hereby confirmed (excluding any provisions for free, inducements, Landlord’s Work, and any rights to lease additional space and other financial incentives) and the Lease is in full force and effect. Each capitalized term used in this Lease Renewal Agreement and not defined herein shall be deemed to have the same meaning ascribed to it in the Lease.
In May 2023, Connect Biopharma Holdings Limited (the “Company”) entered into a lease renewal agreement (the “Lease Renewal Agreement”) with Taicang Science and Technology Venture Park Co., Ltd., pursuant to which the Company agreed to renew its existing lease of office space (the “Renewed Lease”) of 2,366.81 square meters located on the 3rd and 4th floors of the East R&D Building at No. 6 Beijing West Road, Taicang, Jiangsu, China (the “Premises”). The Renewed Lease has been registered with the Taicang local Housing and Urban-Rural Development authority.
The Lease Renewal Agreement has an effective period from May 1, 2023 to April 30, 2026, and the amount of rent and service fees for the Premises is approximately RMB 68,637 per month.
On October 14, 2022, Omni Circuit Boards Ltd. (“Omni”), an indirectly, wholly-owned subsidiary of D-Wave Quantum Inc. (“D-Wave”), entered into a Lease Renewal Agreement with 0937847 B.C. Ltd. Under the Lease Renewal Agreement, Omni extended the termination date for its lease of approximately 7,000 square feet of space in Richmond, B.C. from December 2022 to December 2024. Under the Lease Renewal Agreement, Omni’s basic rent increased to CAD $139,308 per year.
(iii) In the event Vendor closes the Rochelle Park Vendor Service Location solely for the reason set forth in the preceding section, AMEX shall reimburse Vendor solely for any direct lease termination fees actually paid pursuant to the Lease Renewal, but in no event greater than an amount equal to the balance of Vendor’s obligation to pay Basic Rent and Additional Rent pursuant to the Lease Renewal, subject to a cap on Additional Rent liability of [***] percent ([***]%) of the actual Basic Rent obligation payable pursuant to this section F(iii). Vendor shall use its commercially reasonable efforts to mitigate and/or otherwise assist in vacating, subleasing, assigning and/or lessening Vendor’s potential liability as Lessee under the Lease Renewal, including, without limitation, undertaking good faith negotiations with its landlord in an effort to limit Vendor’s lease termination liability.
Rent Escalator. Consistent with the agreement of the parties and the prior Lease Renewal and Modification Agreement, on each anniversary of the commencement of this renewal term (and any subsequent renewal terms), the Base Rent shall increase by two percent (2%).
Lease Renewal Agreement. This Lease Renewal Agreement, dated April 13, 2022, is made between One Summit II, LLC, as Landlord, and Freedom Freight Solutions, LLC, as Tenant. Whereas, on October 18, 2021, One Summit II, LLC, as Landlord, and Freedom Freight Solutions, LLC, as Tenant, entered into an office lease (the “Lease”) for premises located at 110 E Wayne Street, Fort Wayne, Indiana, as described in the Lease; Now, therefore, in consideration of the foregoing, the parties agree as follows: 1. The Landlord and Tenant agree to extend the Lease term for an additional one (1) year, starting on May 16, 2022. 2. The Lease Term shall be from May 16, 2022, to May 15, 2023. 3. Lease Rate: $15.50 per square foot. 4. CPI for further renewal will be based on the “Bureau of Labor Statistics Consumer Price Index for All Urban Consumers (CPI-U)” for the period from November 15, 2021, to May 15, 2023.
During Lease Term or Lease Renewal Term, if any, THE LESSOR shall allow THE LESSEE to carry out erection of partitions / additions / modifications / alterations in Demised Premises, which are not visible from outside, as may be necessary for the business of THE LESSEE and which are as per Laws. THE LESSEE agrees and acknowledges that no structural additions / modifications / alterations of any nature whatsoever shall be carried out in Demised Premises and erection of internal partitions / internal alterations / additions in Demised Premises shall be in accordance with Laws and Governmental Approval.
Lease Renewal Term. The Lease “Term” as defined in Section 1.3 and elsewhere throughout the Lease shall now be extended for three (3) additional years (“Renewal Term”). Effective as of the date first written above, all references to “Term” shall also refer to the Renewal Term.
Base Rent. The Base Rent with respect to the Premises for the Lease Renewal Term shall be $1.55 NNN per square foot per month, with three percent (3%) annual increases.
Lease renewal refers to the process of extending the terms of an existing lease agreement between a landlord and a tenant. Typically, it involves negotiating and agreeing on new terms, such as rental price, lease duration, and any modifications to the original lease agreement. Lease renewal can occur when both parties are satisfied with the current arrangement and wish to continue their lease relationship.
Example: A tenant has rented a commercial office space for a period of three years. As the lease term nears its expiration, both the tenant and the landlord agree to renew the lease for another three years, after negotiating new terms.
You should consider a lease renewal when:
Renewing a lease can provide stability and predictability in terms of location and financial commitments.
Writing a lease renewal typically involves a few steps:
Review the Existing Lease: Examine the terms of the current lease to identify any clauses related to renewal options or notices required.
Negotiate Terms: Discuss and agree on the new terms with the other party, including rental rates, lease duration, and any updates to the lease agreement.
Draft the Renewal Agreement: Begin with a clear statement of intent to renew and include the following details:
Example: This lease renewal agreement, dated [Insert Date], is between [Landlord Name] and [Tenant Name], referring to the original lease agreement dated [Original Lease Date]. Both parties agree to renew the lease for a term of [New Lease Term] commencing on [New Start Date], with a monthly rent of [New Rent Amount]. All other terms and conditions remain unchanged unless specified herein.
Signed:
[Landlord Name] ______________________
[Tenant Name] ______________________
Lease renewal options are commonly found in:
Residential Lease Agreements: Many residential leases, such as those for apartments and houses, include renewal options to offer tenants the opportunity to extend their stay.
Commercial Lease Agreements: Office spaces, retail outlets, and industrial properties often have renewal clauses, allowing businesses to continue operation without relocation.
Ground Leases: In long-term ground leases, tenants may have renewal options to extend their leasehold interest in the land for additional terms.
In each of these contracts, the specific terms of the renewal option, including how notice should be given and any conditions for exercising the option, are outlined in the original lease agreement.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
A lease termination clause outlines the conditions under which a lease agreement can be legally ended by either the landlord or tenant before its scheduled expiration. It typically includes specific terms such as notice periods, potential penalties, reasons for termination, and any obligations both parties must fulfill upon ending the lease.
The "Leased Premises" clause typically identifies the specific property or area being leased in an agreement, including its address and any relevant boundaries or features. This clause ensures that both parties have a clear understanding of the property's specifics and outlines any limitations regarding its use.
Leave entitlements are provisions in a contract that outline an employee's right to take time off work for various reasons, such as vacation, illness, or personal matters. These clauses specify the types of leave available, the amount of leave allowed, and the procedures for requesting and approving leave.
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