Anonymous271
New Member
New York City, Leased to a commercial enterprise, small freestand building
There is an additional rider to this lease which states, "provided tenant is not then otherwise in default under this lease, tenant shall have the option of extending this lease for an additional ten year period: (a) tenant provides landlord with at least 90 days of written notice prior to expiration of this lease by certified mail returned receipt requested; and (b) all of the other terms and covenants contained in this lease shall continue in full force and effective; and (c) the rental shall increase five percent every year above the earlier rental during the ten year option turn."
The term of the lease was from 1 August 1995- 31 July 2005; however the tenant never submitted a notice requesting an extension of the lease nor has he increased the rent five percent in the almost two years that the two years expired.
Since he didn't follow the aforementioned quotation, can we assume this lease is all together void, and write a new lease with a more than five percent increase?
thanks a lot for your help
There is an additional rider to this lease which states, "provided tenant is not then otherwise in default under this lease, tenant shall have the option of extending this lease for an additional ten year period: (a) tenant provides landlord with at least 90 days of written notice prior to expiration of this lease by certified mail returned receipt requested; and (b) all of the other terms and covenants contained in this lease shall continue in full force and effective; and (c) the rental shall increase five percent every year above the earlier rental during the ten year option turn."
The term of the lease was from 1 August 1995- 31 July 2005; however the tenant never submitted a notice requesting an extension of the lease nor has he increased the rent five percent in the almost two years that the two years expired.
Since he didn't follow the aforementioned quotation, can we assume this lease is all together void, and write a new lease with a more than five percent increase?
thanks a lot for your help
