§ 4-202. Duration and renewal.
A. Unless otherwise stated in the lease, no lease shall be approved more than twelve (12) months prior to the commencement of the term of the lease.
B. The term of a lease may not be more than twenty-five (25) years except it may include an option for lessor and lessee mutually to agree upon renewal for up to two additional terms, neither of which may exceed twenty-five (25) years, unless the lease is expressly for and limited to religious, educational, recreational, cultural, or other public uses, in which case the term of the lease may be for up to, but not in excess of, seventy-five (75) years.
C. Renewal of a lease for an additional term shall not be automatic. The process for renewal shall be described in the lease itself and at a minimum requires a written notice to lessor by lessee of its intent to exercise its option to renew. The process may also provide lessor with the option to accept, reject, or negotiate new terms for the renewal. For a lease with longer than a five-year term, the written notice must be given no less than one year before the lease is due to expire. ONCA 17-01, eff. Dec. 9, 2016.