Property Management
What is a 'lease renewal option' in Delaware?
AThe landlord's right to renew the lease on different terms
BThe tenant's contractual right to extend the lease for an additional period at specified terms✓ Correct
CAn automatic month-to-month continuation after the lease expires
DA court order requiring the landlord to renew the lease
Explanation
A lease renewal option gives the tenant the contractual right to extend the lease term for one or more additional periods, often at a specified rent or subject to a formula. The tenant must exercise the option within the required notice period.
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