Property Management
In Idaho, what is a 'renewal option' in a commercial lease?
AThe landlord's right to renew the lease
BA tenant's contractual right to extend the lease for additional term(s) at specified terms✓ Correct
CThe automatic continuation of the lease
DA government-required provision for all commercial leases
Explanation
A renewal option gives the tenant the contractual right to extend the lease for one or more additional periods at pre-agreed terms (or terms to be determined). The tenant must typically provide notice within a specified period to exercise the option.
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