Property Management
What is a lease renewal option in Nevada commercial real estate?
AAn automatic rent increase at the end of the lease
BA contractual right allowing the tenant to extend the lease for a specified additional period at a pre-agreed rent or method of calculating rent✓ Correct
CA landlord's right to terminate the lease early
DA requirement to renew a lease at market rate
Explanation
A lease renewal option gives the tenant the right (but not obligation) to extend the lease for additional term(s) at specified conditions. The rent during the renewal period may be fixed, tied to CPI, or at fair market value.
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