Auto renewal with no terms.
Hello, I am in the process of buying an 8 plex. Out of 8 units, only one lease has been signed within the last year.
It looks like they are all expired except there is an auto renewal clause, but it has no terms.
It states “this lease agreement will be automatically renewed at the end of the stated lease period unless the parties give written notice of termination 60 days prior to the end of the lease.”
So, if there are no terms for the renewal, is this a valid lease? We want to raise the rents, but obviously we can’t if they are under a current lease. Thanks in advance.