When a tenant exercises an option to renew its lease, the landlord's usual inclination is to save time and effort by treating the tenant's notice letter as sufficient to accomplish the renewal.
Opportunities for Landlord Abound When Tenant Exercises Renewal Option
When a tenant exercises an option to renew its lease, the landlord's usual inclination is to save time and effort by treating the tenant's notice letter as sufficient to accomplish the renewal. This inclination should be strongly resisted ' not only because such a notice may be inadequate, but also because the landlord may be missing out on an opportunity to update the original lease and often improve upon the existing documentation. This is especially true where the renewal is at 'market,' which offers the landlord the possibility to argue that certain changes are necessary to conform to market conditions.
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Ira FiersteinThis premium content is locked for LawJournalNewsletters subscribers only
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