Extension Option Rider
Landlord grants Tenant an option to extend the Term for the period from [date] to [date] (the “Additional Term”).
Tenant’s rights under this option terminate if (1) the lease or Tenant’s right to possession of the Premises is terminated, (2) Tenant assigns its interest in the lease or sublets any portion of the Premises, (3) Tenant fails to timely exercise the option, or (4) default exists at the time Tenant seeks to exercise the option.
Landlord and Tenant agree to the following:
|
Select one of the following. |
1.During the Additional Term the lease will continue as written.
|
Or |
1.During the Additional Term the lease will continue as written except that the Base Rent will be [the prevailing rental rate, at the commencement of the Additional Term, for space of equivalent quality, size, utility, and location, with the length of the extended term and the credit standing of Tenant to be taken into account/[specify other rent]].
|
Continue with the following. |
2.The option to extend for the Additional Term must be exercised by written notice delivered to Landlord ninety days before the Termination Date.
[Name of landlord]
[Name of tenant]