Common use of Renewal and Extension Clause in Contracts

Renewal and Extension. Tenant shall have the option upon acceptance by Landlord to renew and extend the term for a time and at a cost mutually agreeable between Landlord and Tenant, provided that the Tenant, at least ninety (90) days prior to the expiration of the initial term, gives Landlord written notice of their intention to exercise such option. Landlord upon written notice will have thirty (30) days to acknowledge acceptance of renewal.