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Option To Renew Commercial Lease

Option To Renew Commercial Lease Template for India

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Key Requirements PROMPT example:

Option To Renew Commercial Lease

"I need an Option to Renew Commercial Lease agreement for a retail space in Mumbai, with a 5-year renewal term starting March 2025, including annual rent escalation of 5% and specific provisions for mall maintenance charges."

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Document background
The Option To Renew Commercial Lease agreement is a crucial document in Indian commercial property transactions, designed to provide tenants with the security of continued occupancy while protecting landlords' interests. It becomes relevant when parties wish to establish predetermined terms for lease extension beyond the initial lease period. This document, governed by Indian property and contract law, typically includes specific mechanisms for exercising the renewal option, rent determination for the renewal period, and conditions that must be met for the option to be valid. It's particularly important in India's growing commercial real estate market, where business continuity and location stability are vital. The agreement must comply with state-specific registration requirements, stamp duty regulations, and any applicable rent control laws.
Suggested Sections

1. Parties: Identifies and provides full details of the Landlord/Lessor and Tenant/Lessee

2. Background: References the original lease agreement and establishes the context for the renewal option

3. Definitions: Defines key terms used throughout the agreement, including 'Original Lease', 'Renewal Term', 'Option Period', etc.

4. Grant of Option: Specifies the grant of renewal option and conditions under which it may be exercised

5. Exercise of Option: Details the process, timing, and format for exercising the renewal option

6. Renewal Term: Specifies the duration of the renewal period(s)

7. Rent for Renewal Term: Establishes the rent calculation method or specific amount for the renewal period

8. Conditions Precedent: Lists conditions that must be met before the option can be exercised (e.g., no defaults, timely notice)

9. Time of Essence: Establishes that all time periods and deadlines in the agreement are strict requirements

10. Governing Law: Specifies that Indian law governs the agreement and identifies applicable state jurisdiction

11. Execution: Signature blocks and execution formalities

Optional Sections

1. Multiple Renewal Options: Include when there are successive options to renew beyond the first renewal term

2. Rent Escalation Mechanism: Include when rent increases during the renewal term are based on a specific formula or index

3. Right of First Refusal: Include when tenant is granted right to match third-party offers during renewal period

4. Guarantor Confirmation: Include when the original lease has a guarantor whose consent is required for renewal

5. Broker Provisions: Include when brokers are involved in the renewal process and commission arrangements need to be specified

6. Renovation/Repair Conditions: Include when renewal is conditional on specific property improvements or maintenance

7. Sub-letting and Assignment: Include when special provisions apply to these rights during the renewal term

Suggested Schedules

1. Schedule A - Original Lease: Copy or key terms of the original lease agreement being renewed

2. Schedule B - Property Details: Detailed description of the leased premises including floor plans and measurements

3. Schedule C - Rent Calculation: Detailed breakdown of rent calculation method and escalation formula if applicable

4. Schedule D - Renewal Notice Format: Template for the formal notice required to exercise the renewal option

5. Schedule E - Condition Report: Current condition of the premises and any required improvements for renewal

6. Appendix 1 - Registration Requirements: Checklist of documentation required for registration of the renewal

7. Appendix 2 - Compliance Certificate: Template for confirming compliance with conditions precedent

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























Clauses






























Relevant Industries

Retail

Commercial Real Estate

Office Space

Industrial

Warehousing

Healthcare

Hospitality

Education

Information Technology

Banking and Financial Services

Professional Services

Manufacturing

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Risk Management

Corporate Services

Administration

Business Development

Property Management

Relevant Roles

Real Estate Manager

Property Manager

Facilities Director

Legal Counsel

Commercial Director

Chief Financial Officer

Operations Manager

Business Development Manager

Compliance Officer

Asset Manager

Lease Administrator

Real Estate Broker

Company Secretary

Risk Manager

Corporate Services Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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