Renewal was subject to the successful negotiation of the rental payment. Because the rental payment was an essential term in the lease, the party's failure to agree upon a rental payment for an additional five-year term constituted failure of assent. Consequently, the lease terminated on February 28, 2000. The right to renegotiate renewal is distinct from the right to renew. An agreement such as the lease at issue before this court provides expressly for the right to renegotiate.
Renewal is clearly subject to certain conditions precedent including a renegotiated rental payment.
A court may award final summary judgement only in the complete absence of any genuine issues of material fact. The lease clearly states that the it will terminate unless McGhee requests renewal in writing within 60 days of termination. It further states that renewal is subject to a renegotiated rental payment. There is no dispute that the parties did not agree to a rental payment amount for a second five-year term. B. McGhee argues that the trial judge erred when he denied their motion to file an amended answer and affirmative defenses.