This describes the term of the lease or sublease. Parties may negotiate a renewal or option to extend provision. It may also include a maximum amount of renewal periods or a cap on increase of rent on renewal. The landlord's preference is to avoid such caps. This clause may also include an increase in the minimum rent. Parties may also wish to negotiate adequate notice periods for an option to renew or extend. The landlord will often require a long term - five year terms are quite frequent. The parties should also consider the availability of the leased premises as of the effective date of the lease. If there is a risk that the premises may not be available for occupancy for whatever reason (i.e. the previous tenant has not left, or the landlord's work has not been completed) the parties may want to consider building in an abatement of rent mechanism to allow for these circumstances.