District of Columbia Commercial Lease Extension

• Category: Landlord Tenant - Commercial Leases
• State: Multi-State
• Control #: US-822LT
• Format: Word; Rich Text

Description

This form is an extension of a commercial lease for an additional term, with optional modifications and revisions. A District of Columbia Commercial Lease Extension refers to an agreement between a landlord and a tenant to extend the lease term of a commercial property located in the District of Columbia, where Washington, D.C. is the capital city of the United States. This type of extension is commonly used to prolong the occupancy of a commercial space beyond the initially agreed-upon lease term. The District of Columbia offers various types of commercial lease extensions, each catering to different needs and circumstances. Some commonly known types include: 1. Straight Extension: This is the most straightforward type of extension where the parties agree to extend the lease term using the existing lease agreement. This option is often preferred when both parties are satisfied with the current terms and conditions. 2. Modified Extension: In this type, the landlord and tenant negotiate and make modifications to the existing lease agreement while extending the lease term. The modifications can include changes to rent, lease duration, or any other terms as required by either party. 3. Percentage Rent Extension: A percentage rent extension is commonly used in retail and commercial properties, where the tenant pays a base rent along with a percentage of their sales as additional rent. This type of extension allows both parties to benefit from the tenant's success. 4. Sublease Extension: If a subtenant is occupying the commercial property, a sublease extension may be required. This type of extension allows the subtenant to extend their occupancy while aligning the lease term with the master lease agreement between the original tenant and the landlord. District of Columbia Commercial Lease Extensions are beneficial for both landlords and tenants. For landlords, it ensures continued occupancy and steady rental income, eliminates the need for finding new tenants, and minimizes turnover costs. Tenants, on the other hand, benefit from the convenience of remaining in the same location, avoiding relocation expenses, and maintaining a stable business address. In order to initiate a District of Columbia Commercial Lease Extension, landlords and tenants need to negotiate and agree upon the terms of the extension, including the duration of the extension, any changes to rent or additional charges, and any necessary modifications to the lease agreement. It is essential to consult legal counsel or real estate professionals well-versed in District of Columbia commercial leasing laws to ensure compliance and protect both parties' interests. In summary, a District of Columbia Commercial Lease Extension is a contractual agreement that allows a landlord and tenant to extend the lease term of a commercial property in Washington, D.C. for various purposes. By exploring different types of extensions and carefully negotiating the terms, both landlords and tenants can benefit from this arrangement.

A District of Columbia Commercial Lease Extension refers to an agreement between a landlord and a tenant to extend the lease term of a commercial property located in the District of Columbia, where Washington, D.C. is the capital city of the United States. This type of extension is commonly used to prolong the occupancy of a commercial space beyond the initially agreed-upon lease term. The District of Columbia offers various types of commercial lease extensions, each catering to different needs and circumstances. Some commonly known types include: 1. Straight Extension: This is the most straightforward type of extension where the parties agree to extend the lease term using the existing lease agreement. This option is often preferred when both parties are satisfied with the current terms and conditions. 2. Modified Extension: In this type, the landlord and tenant negotiate and make modifications to the existing lease agreement while extending the lease term. The modifications can include changes to rent, lease duration, or any other terms as required by either party. 3. Percentage Rent Extension: A percentage rent extension is commonly used in retail and commercial properties, where the tenant pays a base rent along with a percentage of their sales as additional rent. This type of extension allows both parties to benefit from the tenant's success. 4. Sublease Extension: If a subtenant is occupying the commercial property, a sublease extension may be required. This type of extension allows the subtenant to extend their occupancy while aligning the lease term with the master lease agreement between the original tenant and the landlord. District of Columbia Commercial Lease Extensions are beneficial for both landlords and tenants. For landlords, it ensures continued occupancy and steady rental income, eliminates the need for finding new tenants, and minimizes turnover costs. Tenants, on the other hand, benefit from the convenience of remaining in the same location, avoiding relocation expenses, and maintaining a stable business address. In order to initiate a District of Columbia Commercial Lease Extension, landlords and tenants need to negotiate and agree upon the terms of the extension, including the duration of the extension, any changes to rent or additional charges, and any necessary modifications to the lease agreement. It is essential to consult legal counsel or real estate professionals well-versed in District of Columbia commercial leasing laws to ensure compliance and protect both parties' interests. In summary, a District of Columbia Commercial Lease Extension is a contractual agreement that allows a landlord and tenant to extend the lease term of a commercial property in Washington, D.C. for various purposes. By exploring different types of extensions and carefully negotiating the terms, both landlords and tenants can benefit from this arrangement.