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Video instructions and help with filling out and completing Commercial lease extension agreement
Instructions and Help about Commercial lease extension agreement
So some other key provisions that could be included in commercial leases include the options to renew extend or transfer often when a business is entering into a commercial lease this is one of their long-term liabilities it could span 5 10 15 years for the immediate term with the option to renew for an additional 5 10 15 years or perhaps an additional three terms so it really is something to consider because the location of a business is fundamental to its ongoing operations and ultimately to its success in the community especially if you're relying on repeat clientele who need to access a retail store so it is something to consider it's also just less costly in the long run if you like the terms of your lease and that lease is working for you and all parties understand its terms why not simply renew don't go back to the drawing board and start everything from square one just renew your lease so that is an excellent option to have as a tenant in your lease and as a landlord its profitable for you too because if that tenant is a good tenant it's easier for them to stay with you than to try and find another space and it's easier for you to continue to grow that relationship if it's a simple renewal the right to transfer a lease is something that adds a tenant you really should be paying attention to as well we've seen from the presentations throughout the day that your corporate structure is going to change as your business matures so you're operating co or your hold Co one of them may be holding the least likely the opko but if you have another partnership or another corporation that becomes involved in your business structure you may want them to be the ones who hold the lease and to do that you're going to want to see this right to transfer right in your commercial lease landlords may hesitate to include it because they they like to know who their tenants are that's the reason that they've entered into this agreement with you but it is something that you can press for and normally what you would do is you would refine that right to transfer to a related company you would also allow the landlord to do a little bit of due diligence perhaps the new tenant has to show that they have financial viability or a history in the community and those sorts of items can be worked into this vision as well.