Property Management
What is a 'lease renewal option' in South Carolina commercial real estate?
AThe landlord's right to terminate the lease early
BThe tenant's right to extend the lease for additional terms at specified conditions✓ Correct
CA mutual agreement to renegotiate all lease terms annually
DA government-required lease extension provision
Explanation
A renewal option gives the tenant the right (but not obligation) to extend the lease for additional specified terms, usually at a predetermined rent or formula. It must be exercised according to the lease terms.
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