A Landlord Options to Renew Agreement is a clause in your commercial lease that guarantees your right to extend the lease for a specified period, typically for the duration of your SBA loan (up to 10 years). This ensures stability for your business, as you won’t have to worry about losing your location during the term of your loan.
This document should include:
Terms for renewal, including timeframes, rental rates, and conditions for renewal.
Any changes to the lease terms, such as adjustments to rent or other key factors like subletting, if applicable.
This agreement is important for securing long-term occupancy, providing both you and your lender with confidence that your business location will remain stable throughout the SBA loan period.