Property Management
A 'lease renewal option' in a NC commercial lease gives the tenant:
AThe right to terminate the lease early
BThe contractual right to extend the lease for an additional term at specified conditions✓ Correct
CThe right to sublease the property
DThe right to purchase the property
Explanation
A renewal option gives the tenant the right (but not the obligation) to extend the lease for an additional term at predetermined rent terms or conditions upon proper notice.
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