The Lessor agrees to lease to the Co-lessees and the Co-lessees agrees to lease from the Lessor on the condominium unit _____ with the agreed renovation according to the inspection list attached in Annex D, having a total area approximately of _______ square meters as specified in Clause 1 (the “Leased Property”), for a long lease term with the period of Thirty (30) years (the “Lease Term”)
The Lessor agrees and warrants that the Co-lessees have right to renew the Lease Term for two (2) times with 30-year period of each renewal. In each renewal, the Co-lessees shall inform the Lessor of their written intention to renew not less than one (1) month prior to the expiry date of each term of the lease.