Common use of Term; Automatic Renewal Clause in Contracts

Term; Automatic Renewal. This Lease Agreement shall be for a term of twelve (12) months, and shall begin on the Lease Commencement Date specified on Page 1 Number 4a and terminate on the Lease Expiration Date specified on Page 1 Number 4b (the “Term”). After expiration of the Term, this Lease Agreement will automatically continue on a month-to-month tenancy if the Lease Agreement has not been terminated by either party or the parties have not renewed the Lease Agreement for another Term. Either party may terminate the month-to-month tenancy by providing written notice at least thirty (30) days before the end of the Term. Either party may end or renew this Lease Agreement at the end of the original Term by a thirty (30) day written notice to the other party. Failure by Resident to provide such notice of intent to vacate shall be deemed an election to continue the Lease on a month-to-month basis. It is specifically understood that upon expiration of the Lease Agreement Term, Owner has no obligation to offer Resident a renewal on any term or condition and may demand return of the Premises without cause or reason. Should this Lease Agreement create a month-to-month tenancy, the Lease Expiration Date shall be extended on a month-to-month basis. Any month-to-month Lease may be terminated by either party upon delivering 30 days written notice to the other party. Resident acknowledges that renewal rates and month- to-month tenancy rates may result in an increase in the Rent. Owner may require the execution of a new lease agreement for a month-to-month tenancy.