Common use of Renew this Agreement Clause in Contracts

Renew this Agreement. The Tenant/s may have the option to renew this Agreement with a total of __ renewal period(s) with each term being ___ (number of year/s) or ___ (number of month/s), which may be exercised by giving written notice to the Landlord/Landlady no less than 60 days prior to the expiration of this Agreement or renewal period thereafter (“Renewal Periods”). Rent for each Renewal Period shall: Please choose Option 1 or Option 2 ___ Option 1. Not increase. ___ Option 2. Increase as calculated by multiplying the Rent by the annual change in the Consumer Price Index (CPI) published by the Bureau of Labor Statistics by the most recent publication to the option period start date. Please choose Option 1 or Option 2 ___ Increase by ___ % ___ Increase by ______ (amount) The Initial Term and any renewal periods mentioned shall be collectively referred to as the (“Term”)