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Commercial Lease Extension Agreement Form: What You Should Know
Commercial Lease Extension — Legal Form 3. EXTENSION OF PROPERTY RIGHTS: The parties hereby agree that the foregoing Lease Agreement shall constitute a perpetual, irrevocable and fully paid and non-exclusive right (whether retained by the landlord or not) to the possession, use and enjoyment of the Premises and all improvements thereon, as further described herein, and that any right to possession by any person of the Premises heretofore or hereafter held solely by virtue of any lease agreement previously made and held by the person shall forever be terminated and the premises sold and vacated to the current tenant without any further claim, action or cause of action by the former tenant or other person claiming an interest in or in any portion of the Premises heretofore or hereafter held by virtue of any such lease agreement. The preceding sentence expressly excludes any and all rights, remedies, obligations or claims of the tenant, lessee or other party arising under, arising out of or in connection with any agreement to modify the preceding sentence or any other lease relating to the Premises heretofore or hereafter created and in any dispute relating to such agreement or disputes resulting therefrom or arising prior to, in connection with or after the execution of the foregoing sentence. In this lease notice and waiver have been given of any and all rights and remedies of any person, including any right or remedy for breach of the foregoing contracts and this lease agreement and any other lease relating to the Premises or in connection therewith whatsoever. All such rights and remedies are hereby waived and extinguished. Each of the following has been made a continuing and irrevocable agreement as further set out below: (a) any term of a conditional offer to purchase, conditional sale of premises and conditional sale upon conversion to condominium; (b) any term of a conditional lease for a lease to be held by the landlord to extend the term of the original lease or by the tenant to extend or renew the term of the original lease; and (c) any lease terms (including rent, fees and charges), any provision contained in, incorporated by reference into, or made available on the Premises, including, without limitation, the Services or the Property available to and available to rent, including, without limitation, the Furniture which may have a rental value as defined herein. The term 'Services' shall mean any maintenance or cleaning services, telephone services, cable television services and Internet.
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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...