Option to Renew Lease
made as of between (the “Tenant”) and (the“Landlord”).
by a lease dated (the “Lease”) the Tenant leased from the Landlord certain premises known municipally as (the “Leased Premises”) for and during a term, (the“Term”) of commencing on and expiring on ;
the Landlord has agreed to provide the Tenant with an option to renew theTerm for a further term of years from and ending on (the “Renewal Term”)on the terms hereinafter set forth;
in consideration of the mutual covenants and agreements herein containedand for other good and valuable consideration (the receipt of which is hereby acknowledged), the parties hereto agree as follows:1.Provided that the Tenant is not then in default under the Lease, the Landlord hereby grantsto the Tenant an option (the “Option”) to renew the Lease for the Renewal Term.2.The Option may be exercised by the Tenant not later than six (6) months prior to the endof the Term by delivering to the Landlord notice in writing thereof (the “Notice”).3.The terms and conditions of the Lease during the Renewal Term shall be the same as in theTerm except as to rental which shall be agreed to between the Landlord and the Tenant,and except as to any further rights of renewal. In the event that the Landlord and Tenantare unable to agree on the rental rate for a renewal term, the matter will be submitted toarbitration pursuant to the applicable law then in effect.4.This Agreement expresses the entire agreement between the parties concerning the subjectmatter hereof and supersedes all previous agreements, whether written or oral, betweenthe parties respecting the subject matter hereof.5.Governing Law. This Agreement shall be governed by and construed in accordance withthe laws of the State of .6.The Landlord and Tenant hereby covenant that the Lease is in full force and effect,unamended, except as expressly provided for herein.
IN WITNESS WHEREOF
the parties hereto have executed this Agreement as of the date firstabove written.