Are Lease Renewal Options Exempt from Rule Against Perpetuities?

March 19, 2011
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Q I'm thinking of renting space for my retail store on the first floor of a mixed-use building. The owner has offered a 15-year lease with 10 options to renew for consecutive 10-year periods. Because they continue the lease for more than 100 years if I exercise all of them, are these options void under the rule against perpetuities (RAP)?

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