Tenant's Notice of Lease Extension/Renewal

Summary

This is a precedent which a tenant (the "Tenant") may use to provide notice to the landlord (the "Landlord") that the Tenant is exercising its option to extend or "renew" the current term of its lease. This notice can be used whether the Tenant is still in the initial term of the lease or already in an extension or renewal term. This precedent contains practical guidance and drafting notes. A Tenant's notice to extend the term of the lease must comply with the provisions of the option to extend section as it appears in the lease or, if applicable, ancillary document (collectively, the "Lease"). Specifically, the Tenant's option must be exercised within the time period set out in the Lease. Furthermore, the Landlord will typically require some express limitations on the Tenant's right to extend the term of the Lease. One such limitation is that the right to extend will apply "provided the tenant is not in default." If the Tenant has enough bargaining power, the Tenant may be successful ...