Extension, Renewal Lease Extention or new lease

A

Anke Leitner

New Member
Jurisdiction
Texas
I have a commercial lease expiring next month. one person that is one the lease was bought out, and therefore is not going to be on the renewal. An other partner was added. the landlord is only offering a extension of lease with those terms listed, is the extension legal, or do we need a new lease without former partner and new partner added?
 
Anke Leitner said:
I have a commercial lease expiring next month. one person that is one the lease was bought out, and therefore is not going to be on the renewal. An other partner was added. the landlord is only offering a extension of lease with those terms listed, is the extension legal, or do we need a new lease without former partner and new partner added?
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If the lease was amended to remove/add people, then the amended lease can be renewed.
 
Anke Leitner said:
I have a commercial lease expiring next month
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Sounds like you're the tenant (or a tenant or a representative of the tenant). Correct?


Anke Leitner said:
one person that is one the lease was bought out, and therefore is not going to be on the renewal. An other partner was added.
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This requires clarification. Who is listed as tenant(s) on the lease (don't use actual names)? Is it a bunch of individuals? Is it some sort of business entity (corporation, partnership, etc.)? If the tenant is a partnership, then what difference does it make if one partner "was bought out" and that another "partner was added"? And, since a lot of folks misuse the term "partner" to refer to shareholders of a corporation or members of an LLC, what difference would it make if shareholders of a corporation or members of an LLC have changed?


Anke Leitner said:
the landlord is only offering a extension of lease with those terms listed,
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I have no idea what "those terms" means.


Anke Leitner said:
is the extension legal
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I can't imagine why it wouldn't be.


Anke Leitner said:
do we need a new lease without former partner and new partner added?
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No conceivable way for anyone here to know without a much better description of the situation (or reading the lease)..
 
zddoodah said:
Sounds like you're the tenant (or a tenant or a representative of the tenant). Correct?




This requires clarification. Who is listed as tenant(s) on the lease (don't use actual names)? Is it a bunch of individuals? Is it some sort of business entity (corporation, partnership, etc.)? If the tenant is a partnership, then what difference does it make if one partner "was bought out" and that another "partner was added"? And, since a lot of folks misuse the term "partner" to refer to shareholders of a corporation or members of an LLC, what difference would it make if shareholders of a corporation or members of an LLC have changed?




I have no idea what "those terms" means.




I can't imagine why it wouldn't be.




No conceivable way for anyone here to know without a much better description of the situation (or reading the lease)..
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the lease is with individuals. Original lease was Tenant A and B. Tenant B got bought out. Person C came in a few days before 2 month prior to Extension Time. Person C was not added at this time, since it was only a few days before Extension period (60 days prior to Lease Expiration). The Extension was made to A and C. it states in the extension "Lease is only extended to Tenant A, not Tenant B effective August 1st, 2019, and C is added as of August 1st, 2019 and by signing this extension, Tenant C agrees to all terms and conditions of the of the original Lease dated on July 23, 2018"
I hope this clarifies it
 
Anke Leitner said:
the lease is with individuals. Original lease was Tenant A and B. Tenant B got bought out. Person C came in a few days before 2 month prior to Extension Time. Person C was not added at this time, since it was only a few days before Extension period (60 days prior to Lease Expiration). The Extension was made to A and C. it states in the extension "Lease is only extended to Tenant A, not Tenant B effective August 1st, 2019, and C is added as of August 1st, 2019 and by signing this extension, Tenant C agrees to all terms and conditions of the of the original Lease dated on July 23, 2018"
I hope this clarifies it
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I'm not sure why you think this wouldn't be valid - but I would suggest that you run it by a local attorney to allay your concerns.
 
Zigner said:
I'm not sure why you think this wouldn't be valid - but I would suggest that you run it by a local attorney to allay your concerns.
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I was just trying to make sure, that Tenant B can not come back and say that he still has interest in the building, since he was originally on the lease or to any security deposits paid initially at signing.
 
Anke Leitner said:
...or to any security deposits paid initially at signing.
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If the deposits were paid individually, then he likely does have a claim to that from the LL. However, if it was pooled together, then he can come back to the tenants. In any case, he's likely entitled to his security back.
 

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