Common use of Renewal Lease Clause in Contracts

Renewal Lease. Prior to the expiration of the term of this Apartment Lease or any renewal term, the Landlord may terminate the Term and offer the Tenant a renewal lease approximately seventy (75) days before the Term ends. The Tenant must serve written notice to the Landlord of the Tenant's acceptance or rejection of the renewal lease not less than forty five (45) days before the Term ends. If Xxxxxx serves written notice to the Landlord that Tenant elects to not renew his/her lease, such notice shall be considered notice of Xxxxxx’s intent to vacate at the end of the Term. If Tenant does not vacate the Apartment at the end of the Term, Tenant shall be liable for double the current monthly rent as a penalty pursuant to N.J.S.A. 2A:42-5, et seq. If the Tenant fails to serve written notice to the Landlord of the Tenant's acceptance or rejection of the renewal lease no less than forty five (45) days before the Term ends, it will be considered a rejection. If Tenant remains in the Apartment after the expiration of the term, all terms and conditions of the Apartment Lease shall remain in effect however the Term shall automatically renew for an additional twelve month term and the monthly rent shall be automatically increased by an amount equal to ten (10%) percent of the current rent. The Tenant shall also deposit with Landlord additional funds on account of the Security Deposit in an amount equal to the lesser of (i) the amount required to make the Security Deposit equal to one and one half times the new rent and (ii) 10% of the current Security Deposit. In addition, if the Tenant serves written notice to the Landlord that the Tenant will not renew his/her Apartment Lease or fails to serve written notice to the Landlord as set forth, the Tenant agrees to allow the Landlord access to the Apartment to show prospective tenants the Apartment in accordance with the procedure established in Paragraph 10 hereinabove. The Tenant further agrees that the renewal of this Apartment Lease by the Landlord does not waive or terminate any proceedings initiated by the Landlord pursuant to N.J.S.A. 2A:18-61.1 et seq. (i.e. Notices to Cease, Notices to Quit, Demand for Possession or an actual Summary Dispossess Proceeding) it being agreed by the Tenant that until the grounds for the eviction are resolved or litigated, the Landlord does not waive its right to continue the process.