If the lease provides for an option to renew, the lease must specify:
The time and manner in which the option must be exercised or is automatically effective;
That confirmation of the renewal will be submitted to us, unless the lease provides for automatic renewal;
Whether Indian landowner consent to the renewal is required;
That the lessee must provide notice of the renewal to the Indian landowners and any mortgagees;
The additional consideration, if any, that will be due upon the exercise of the option to renew or the start of the renewal term; and
Any other conditions for renewal (e.g., that the lessee not be in violation of the lease at the time of renewal).
We will record any renewal of a lease in the LTRO.
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