Русско-англо-русский юридический словарь

U.S. law allows the department to rent the ambassador's residence for a term of 10 years or less. The current lease expires next year with an option to renew for one or two years. (dailymail.co.uk)

Thomson Reuters has renewed a deal that allows it to carry credit default swap data from Markit, and has expanded the agreement to allow broader distribution of the content to its subscriber base. The deal extends an existing agreement between the vendors for two years, with an option to renew it further, and allows Markit to leverage Thomson Reuters’ larger distribution network. (waterstechnology.com)

You might for example take a 3 year lease with an option to renew, meaning you could in fact have the property for 3 or 6 years as you wish, but you would not normally be able to renew more than once. (hartreade.co.uk)