Contracts
A West Virginia commercial lease assigns to the tenant the right to extend the lease for an additional 5 years at a predetermined rental rate. This is called a:
ARight of first refusal
BOption to renew or renewal option✓ Correct
CPurchase option
DEscalation clause
Explanation
A renewal option (or option to extend) gives the tenant the unilateral right to extend the lease for an additional term at a predetermined rent (or formula). The tenant has the option — if they choose not to exercise it, the lease simply ends.
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