Definitions for "Renewal option"
Keywords:  lessee, lease, tenant, rent, expires
The right of a tenant to extend its tenancy under specified terms and conditions.
Lease provision that allows the lessee to renew the lease for the same term or some other stated period, usually with a rent increase at a stated percentage or based on an index or other formula.
The right of a tenant to renew (extend the term of) a lease for a stated period of time at a rent to be determined (i.e. 9.5% of "fair market rent".)