Method for Determining Renewal Rent Must Be Sufficiently Definite

August 28, 2018
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Facts: A tenant that operated a market and deli entered into a lease for retail space. The lease was for five years ending in May 2016. The rental rate for the initial term was $5,500 for the first two years, and $6,000 for the remaining three years of the lease. The lease contained a renewal option giving the tenant the option of staying in its space for two additional five-year terms.

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