Of course, the first article will look for two identification parties to participate in this renewal. A landlord who has determined that the tenant can renew the current lease they share must be named directly under the label « landlord. » Continue to identify the landlord by recording the mailing address where the landlord receives notices and other official correspondence regarding the property in question and this agreement. 4.2 Renewal Term. Upon expiration of the Initial Term, the term of this Agreement will automatically renew for a maximum of twenty-four (24) additional consecutive months, unless ABS or Elegance provides written notice of non-renewal at least 60 days prior to the expiration of the then-current Term (each, a « Renewal Term » and, together with the Initial Term, the « Term »). unless a renewal period is terminated earlier in accordance with the terms of this Agreement or applicable law. If the initial term or renewal period is extended for one or more renewal periods in accordance with this Section 4.2, the terms of this Agreement during each renewal period will be the same as those in effect immediately prior to such renewal. In the event that either party gives timely notice of its intention not to renew this Agreement, unless terminated earlier in accordance with its terms, this Agreement will terminate upon the expiration of the original term or renewal period then in progress, as the case may be. 1) Voluntary restoration of a legal relationship established by a previously agreed but expired contract. That is, the extension is not only an extension of a previous contract, but effectively the creation of a new contract that recreates the previous and now extended contract. (In reality, however, « renewal » is often used as a synonym for extension.) Renewal provisions are often found in leases, promissory notes or insurance policies. The parties may contractually agree that the renewal provisions will be automatic after a certain period of time or that a party will announce its intention to renew the contract.
An extension option in a lease offers the tenant the opportunity, but not the obligation, to extend or extend a lease beyond its original terms. Leases may apply to residential and commercial units. G. THE DELAY IS ESSENTIAL IN RELATION TO THE DELIVERY OF THE NOTICE OF EXTENSION BY THE TENANT FOR THE ADDITIONAL EXTENSION PERIOD. If the tenant does not submit the renewal notice to the landlord exactly as required by this section, the renewal option ends immediately and has no force or effect. The Parties acknowledge that they have fully negotiated the terms and conditions of this Article. The Renter acknowledges and agrees that the Lessor has granted him the option of extension in exchange for the consent of the Tenant, that it must be strictly interpreted and applied, and that in the event that the option of extension ends as provided above, the Tenant shall not be entitled to any grace period, notice or healing period otherwise provided for in this Rental Agreement. Article « IV. Extension Period » provides three checkboxes to document an effective report on this transition. Note that only one of these items can be selected.
If the current lease is renewed for a certain period, check the box « IV. Renewal period ». As a result, the terms of the current agreement remain consistent throughout the renewal and require the number of « days », « months » or « years » of the life of that renewal that is created in the blank line after the « Renew » label. Be sure to check one of the three checkboxes (days, months, or years) to specify the unit of time when discussing the number you just reported. The current lease can be extended, but without a fixed term. That is to say, this extension can take place during the « conversion of the lease into a monthly lease ». If this is the case, check the second box in section « IV. Extension period ». Since a monthly agreement can be terminated at will, the second renewal option also requires that a predetermined number of days be specified as the length of time a party must notify the other party before terminating the converted agreement. .