Property Management
In New Mexico, a 'lease renewal option' gives the tenant the right to:
ATerminate the lease at any time
BExtend the lease for an additional term at a pre-agreed or market rent upon proper notice✓ Correct
CSublease the property to another party
DPurchase the property at the end of the lease
Explanation
A lease renewal option gives the tenant the right (but not the obligation) to extend their tenancy for another term, typically at a pre-set or market-determined rent, if they provide timely notice per the lease.
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