Tenants have the option of selecting a renewal lease for a term of either 1 or 2 years, except for a tenant
who receives a Senior Citizen Rent Increase Exemption which requires a 2 year lease, or where the building is
subject to a mortgage existing as of April 1, 1969, which prohibits 2 year leases.
4. Owner’s Obligation after Tenant Responds
Within 30 days after an owner has received the Form signed by a tenant accepting the renewal offer, the
owner must furnish to such tenant a copy of the fully executed Form bearing the signatures of both the owner and
the tenant, together with a copy of the Rent Stabilization Lease Rider. The Form becomes a binding renewal lease
when the owner signs and returns it to the tenant.
5. Penalties
A) If a tenant has not been served with a copy of the Form containing the renewal offer within 120-150 days
prior to the expiration of his or her current lease term, the owner will be barred from commencing any
action or proceeding against the tenant based on non-renewal of lease, and such tenant shall not be
deprived of any of his or her rights under the Rent Stabilization Law or Code. In addition, such tenant
may file a complaint with the DHCR. The owner will be denied any rent guideline increases for renewal
leases until a renewal lease is entered into by the owner and tenant, and the guidelines rate applicable to
such lease shall be no greater than the rate in effect on the commencement date of the lease for which a
timely offer should have been made, and the increased rental shall not begin before the first rent payment
date occurring no less than 120 days after such offer is made.