REAL ESTATE RENTAL FORM
Leasing Forms and Addendums

OPTION TO LIMIT FUTURE RENT INCREASES

             This agreement is between ______________________________________________, Resident(s) and _________________________________ Owner(s) regarding rental premises located at   ________________________________________________. The resident wishes to have the option to renew the rental agreement, upon its expiration, with a cap or limit to the amount of future rent increase the landlord can request. The resident agrees to pay a non-refundable option fee of $ ___________. This option entitles the resident to the right to renew or extend the rental agreement at stated location for an additional ___________ period once the initial rental/lease agreement expires. The initial rental / lease agreement between the two parties begins ___________ and ends ___________ . This option also limits any future rent increases to NO MORE THAN ______ percent or to no more than the dollar amount of $_______. This option to renew and limit rent increase is guaranteed, as long as the terms of the rental agreement are fully complied with.

LANDLORD AGREES TO:

1. Give resident the option to renew/extend rental lease for a another term of ___________ beginning on expiration of original term for period stated above.
2. Limit any future rent increase to no more than ____ percent or no more than the following dollar amount $______.
3. Landlord may choose to allow this option to be used more than once, following each renewal period. If so, please indicate here how many times the option may be exercised, along with any special provisions or required consideration.
4. Landlord agrees to refund to resident _________% of option consideration given, after resident has completed __________ years of the rental term if there were no rental violations during the those years.

RESIDENT UNDERSTANDS AND AGREES:

1. To notify the owner at least ___________ days/months before expiration of the original term, if resident plans to exercise his or her option.
2. Notification must be in writing and delivered to owner/agent at the following address:
   ________________________________________________.
3. Failure to properly exercise this option will cause the lease to expire and the  option consideration to be forfeited.
4. Should resident violate any of the terms stated in the rental/lease agreement, that shall be immediate cause for termination and forfeiture of option consideration.

             I acknowledge that I have read and understand this agreement and have been given a copy on this date. ________________________________________________                                                            .

Resident(s) ________________________________________________________________

Owner/Manager _______________________________________________________________