Common use of LEASE RENEWAL Clause in Contracts

LEASE RENEWAL. Due to the JMU housing fair schedule, CP must know its property availability by early September for the following lease term. Tenants in good standing with CP will be given the exclusive option to renew their leases at the next year’s terms and rental rates. The application fee for renewing Tenants during the exclusive renewal term will be waived. Failure to meet any of the renewal deadlines below by 5:00PM terminates the exclusive option to renew. Groups that do not want to renew or pass down their property should contact our office and state they are not interested in renewal. We will remove them and their Cosigners from future renewal deadline announcement e-mails. August 25th: Lease terms and rents will be posted on the Castle Property Web Site. (xxx.xxxxxxxxxxxxxx.xxx) Notice also sent to Tenants and Co-Signers. Sept 1st: Groups that have any interest in renewal must send an e-mail simply stating they have interest. This statement of interest is not a commitment. The names and e-mail addresses of any possible new Tenants should be included so that they can also receive e-mail reminders. Sept 4th: Groups must provide a list of Tenant names, bedroom assignments, and rent amounts. New Tenants must each submit a completed Tenant Application and pay a $45 application fee plus a $100 xxxxxxx payment. Applications or fees are not needed for renewing Tenants. Sept 6th: New Tenant and Co-signer applications are due. The group must schedule a lease signing appointment for a lease signing that will occur no later than Sept 12th. Sept 12th: All leases must be Tenant signed by Sept 12th. Properties for which groups have not met their deadlines will be made available to other groups on a first-come-first-served basis. Groups, including the renewing group, can pay the $45 per person hold fee to take the property off the market for 48 hours. This provides more time if needed to meet any particular deadline.

LEASE RENEWAL. Due to the JMU housing fair schedule, CP BSI must know its property availability by early September for the following lease term. Tenants in good standing with CP BSI will be given the exclusive option to renew their leases at the next year’s terms and rental rates. The application fee for renewing Tenants during the exclusive renewal term will be waived. Failure to meet any of the renewal deadlines below by 5:00PM terminates the exclusive option to renew. Groups that do not want to renew or pass down their property should contact our office and state they are not interested in renewal. We will remove them and their Cosigners from future renewal deadline announcement e-mails. August 25th: Lease terms and rents will be posted on the Castle Property BSI Properties Web Site. (xxx.xxxxxxxxxxxxxx.xxx) Notice also sent to Tenants and Co-Signers. Sept 1st: Groups that have any interest in renewal must send an e-mail simply stating they have interest. This statement of interest is not a commitment. The names and e-mail addresses of any possible new Tenants should be included so that they can also receive e-mail reminders. Sept 4th: Groups must provide a list of Tenant names, bedroom assignments, and rent amounts. New Tenants must each submit a completed Tenant Application and pay a $45 application fee plus a $100 xxxxxxx payment. Applications or fees are not needed for renewing Tenants. Sept 6th: New Tenant and Co-signer applications are due. The group must schedule a lease signing appointment for a lease signing that will occur no later than Sept 12th. Sept 12th: All leases must be Tenant signed by Sept 12th. Properties for which groups have not met their deadlines will be made available to other groups on a first-come-first-served basis. Groups, including the renewing group, can pay the $45 per person hold fee to take the property off the market for 48 hours. This provides more time if needed to meet any particular deadline.