What is the legal term for a tenant's right to renew a lease under specified conditions?

The correct term for a tenant's right to renew a lease under specified conditions is known as a "Renewal Option." This term refers specifically to the provision in a lease agreement that allows the tenant to extend their tenancy for an additional term while agreeing to predetermined conditions, such as rent or duration.

A "Renewal Clause," while similar, often encompasses terms regarding the renewal process itself but is not the specific right granted to the tenant. "Leasehold Agreement" refers more broadly to the entire contract between landlord and tenant rather than the specific provision for renewal. The phrase "Tenant's Right" is vague and does not specifically identify the option available for lease renewal. Thus, "Renewal Option" accurately captures the specific legal entitlement in question.