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RReaders of our book, Negotiating Commercial Leases & Renewals for Dummies, will learn (in-part) that the renewal-option clause in a lease exists for the sole benefit of the tenant. Essentially, its purpose is to ensure that you’re allowed to lease your space for another lease term – as long as you meet the predetermined conditions listed in your lease agreement. Not all landlords automatically include renewaloption periods or terms in their offer to lease or formal lease agreement. As an optometry tenant, it’s your responsibility to request, insist on, or negotiate for renewal-option rights. Most lease-renewal terms are the same length as the initial term. Therefore, if an optometry tenant signs an initial fiveyear lease term, it’s common for the landlord to grant one five-year renewal-option period. Although there are no hard and fast rules, some landlords resist giving a renewal-option term that’s longer than the initial term. The larger the financial investment you make in a location, the longer or more renewaloption terms you typically want or need to recoup your costs. Remember that a renewal-option term for the tenant doesn’t give the landlord any particular benefit. From your perspective, it may be better to have several short options terms, because longer may not be better for you. The renewal-option term in most lease agreements is for a set period of time (e.g. three or five years) and you must make a full-term commitment if you do exercise the renewal-option. Just because you have an initial lease term with a 10-year renewal-option, this may not be ideal for you. What if you plan to move, retire, or sell and only want to renew for just two years? In this case, you will have to forgo exercising the 10year option and negotiate for just two more years instead. If you can persuade the landlord to agree to a renewaloption term that’s up to five years as determined by the tenant, you can have maximum flexibility to exercise your renewaloption term, but potentially for a shorter period of time. Landlords typically resist this tactic because they want to retain as much control as possible. It costs you nothing to try for this up to clause, but it’s not often that the landlord agrees.

Negotiating Renewal-Option Clauses and How to Best Exercise Them – For Optometry Tenants