Real Property-Lease Renewal Process
In some instances, it is neither economical nor in the best interest of the institution to move the JMU department (Tenant) to a new location at the end of a lease period. Most leases provide for automatic renewal options. An "automatic renewal" clause allows the lease to renew at the expiration date of the lease, provided neither Tenant (JMU) nor Landlord has given written notice to the other party of a lease termination.
- A Lease Renewal Authorization memo is forwarded to the department (Tenant) requesting they review their current space needs and identify funding. The memo must then be signed and returned to the Real Property Administrator. When applicable, a JMU Purchase Requisition should be included with the Renewal Authorization.
- Real Property notifies Landlord of JMU's intentions according to the time specified for written notices (usually 90 days).