Hi Guys. well I am back but now for a commercial Lease question.
It is time to renew my lease now they added this condition.
-Notwithstanding the language in the Lease with respect to the continuous operations of the business. If tenant fails to continuously and uninterruptedly operate the busness that it is required to operate under the terms of this Lease, then the minimum Annual rent payable herein shall increase by fifty percent (50%) during the period and time in which Tenant has failed to continuously operate its business from the premises. further, if Tenant fails to operate the business for a period of thirty (30) continuous days, Landlord shall have the right to terminate this Lease and recapture the premises at any time thereafter upon ten (10) days prior written notice to Tenant, whereupon the Lease shall terminate on the tenth (10th) day following delivery of such notice to Tenant by Landlord and Tenant shall be liable for any and all rental and other charges that may be due for the current year trough the date of such termination. Notwithstanding the foregoing, Tenant acknowledges that any environmental covenant or other indemnity obligation set forth in the Lease shall survive the termination of the Lease.
What is that the landlord is reffering to. Also does this reffer to on the payment of rent that's due on the first of each month?
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And also they added this:
Notwithstanding any language to the contrary in the Lease, in addition to reimbursing Landlord for its pro rata share of the common area maintenace, real estate taxes, insurance and other charges as provided in the Lease, Tenant shall pay to Landlord an administration fee equal to ten percent (10%) of the total of the aforementioned expenses.
NOTE: I asked the landlord to point out where in the original lease shows this administration fee. There reply was "we lowered to 10 percent instead of 15%".
I just want to know what this two paragraphs means, before signing or should i keep negotiating this lease?
Also this Amendment was suppost to start on the first of this month but since we are still in the nigotiation process they already send me the bill for mays rent which is the same as april's. Do they have the right to charge me the increase on June's rent since we didn't close the deal before may 1, 2011?
Thanks again in advance guys,
Jhon
It is time to renew my lease now they added this condition.
-Notwithstanding the language in the Lease with respect to the continuous operations of the business. If tenant fails to continuously and uninterruptedly operate the busness that it is required to operate under the terms of this Lease, then the minimum Annual rent payable herein shall increase by fifty percent (50%) during the period and time in which Tenant has failed to continuously operate its business from the premises. further, if Tenant fails to operate the business for a period of thirty (30) continuous days, Landlord shall have the right to terminate this Lease and recapture the premises at any time thereafter upon ten (10) days prior written notice to Tenant, whereupon the Lease shall terminate on the tenth (10th) day following delivery of such notice to Tenant by Landlord and Tenant shall be liable for any and all rental and other charges that may be due for the current year trough the date of such termination. Notwithstanding the foregoing, Tenant acknowledges that any environmental covenant or other indemnity obligation set forth in the Lease shall survive the termination of the Lease.
What is that the landlord is reffering to. Also does this reffer to on the payment of rent that's due on the first of each month?
---------------------------------------------------------------------------------
And also they added this:
Notwithstanding any language to the contrary in the Lease, in addition to reimbursing Landlord for its pro rata share of the common area maintenace, real estate taxes, insurance and other charges as provided in the Lease, Tenant shall pay to Landlord an administration fee equal to ten percent (10%) of the total of the aforementioned expenses.
NOTE: I asked the landlord to point out where in the original lease shows this administration fee. There reply was "we lowered to 10 percent instead of 15%".
I just want to know what this two paragraphs means, before signing or should i keep negotiating this lease?
Also this Amendment was suppost to start on the first of this month but since we are still in the nigotiation process they already send me the bill for mays rent which is the same as april's. Do they have the right to charge me the increase on June's rent since we didn't close the deal before may 1, 2011?
Thanks again in advance guys,
Jhon
