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How should an option to renew be phrased?

April 26, 2017option phrased

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How should an option to renew be phrased?

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Typically, an option to renew will state at what point in time the Lessee can notify the Lessor that they are going to renew the lease, the method of notice, the terms on which the rental agreement will be renewed, and the duration of the new rental agreement.