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Option To Renew Tenancy Agreement Template for Indonesia

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Key Requirements PROMPT example:

Option To Renew Tenancy Agreement

"I need an Option to Renew Tenancy Agreement for my commercial warehouse in Jakarta, with a 5-year renewal option starting March 2025, including provisions for annual rent increases of 5% and the right to make building modifications."

Document background
The Option To Renew Tenancy Agreement is a crucial document in Indonesian property leasing arrangements, providing tenants with the security of potential lease extension while protecting landlords' interests through structured renewal terms. This document is typically used when parties want to establish clear rights and procedures for lease renewal beyond the initial term, common in both commercial and residential leasing. It includes specific provisions compliant with Indonesian property law, detailing the option exercise process, renewal terms, and conditions precedent. The agreement is particularly relevant in commercial leasing where businesses need security of tenure, and in situations where significant tenant investments in the property justify guaranteed renewal rights. The document must comply with Indonesian Civil Code requirements and any applicable regional property regulations.
Suggested Sections

1. Parties: Identification of the Landlord and Tenant, including full legal names, addresses, and any registration numbers for companies

2. Background: Reference to the original tenancy agreement, its date, and brief context of the option to renew arrangement

3. Definitions: Key terms used in the agreement including 'Option Period', 'Renewal Term', 'Exercise Notice', and other relevant definitions

4. Grant of Option: Clear statement granting the tenant the option to renew the lease and the specific conditions attached to this right

5. Exercise of Option: Procedure and requirements for exercising the option, including notice periods and formal requirements

6. Renewal Terms: Specific terms for the renewal period, including duration, rent, and any modifications to the original lease terms

7. Conditions Precedent: Prerequisites that must be met before the option can be exercised, such as no existing defaults

8. Time of Essence: Statement establishing that compliance with time requirements is essential to maintaining the option rights

9. Governing Law: Specification that Indonesian law governs the agreement and relevant jurisdiction details

10. Execution: Formal execution block for signing by all parties with witness requirements

Optional Sections

1. Rental Review Mechanism: Detailed process for determining new rental rates during the renewal period, used when the renewal rent is not pre-fixed

2. Property Improvements: Terms regarding any renovations or improvements to be made before or during the renewal period, included when specific works are planned

3. Multiple Renewal Options: Additional terms for multiple successive renewal rights, included when more than one renewal period is being granted

4. Break Clause: Terms allowing early termination during the renewal period, included when flexibility is required

5. Security Deposit Adjustment: Terms for adjusting the security deposit for the renewal period, included when changes to the deposit are anticipated

6. Special Conditions: Any unique terms specific to the property or parties' agreement, included when standard terms need modification

Suggested Schedules

1. Schedule 1 - Original Lease: Copy or key terms of the original lease agreement being renewed

2. Schedule 2 - Property Details: Detailed description of the property including address, boundaries, and included fixtures/fittings

3. Schedule 3 - Rental Schedule: Detailed breakdown of rent and payment terms for the renewal period

4. Schedule 4 - Condition Report: Current condition of the property at the time of entering into the option agreement

5. Schedule 5 - Exercise Notice Template: Standard form for exercising the renewal option

6. Appendix A - Required Certificates: Copies of necessary property certificates and permits under Indonesian law

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























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Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Hospitality

Office Space

Industrial

Manufacturing

Warehousing

Education

Healthcare

Professional Services

Relevant Teams

Legal

Real Estate

Property Management

Facilities Management

Operations

Finance

Compliance

Risk Management

Business Development

Asset Management

Contract Administration

Relevant Roles

Property Manager

Real Estate Manager

Legal Counsel

Facilities Manager

Commercial Director

Operations Manager

Contract Administrator

Leasing Manager

Asset Manager

Business Development Manager

Corporate Real Estate Manager

Compliance Officer

Risk Manager

Chief Financial Officer

Property Development Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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