This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Minnesota Extension of Primary Term of the Lease refers to the process of extending the original lease agreement between a landlord and a tenant in the state of Minnesota. This extension allows the tenant to continue occupying the leased property beyond the initial agreed-upon term. There are several types of extensions of the primary term of a lease in Minnesota: 1. Written Extension: This type of extension occurs when both parties agree to extend the primary term of the lease in writing, typically through an addendum or an amendment to the original lease agreement. The terms of the extension, including the new length of the lease and any revised rental terms, are documented in the written extension. 2. Verbal Extension: In some cases, the landlord and tenant may agree to verbally extend the primary term of the lease. However, it is always recommended having any lease extensions in writing to avoid any potential disputes or misunderstandings. 3. Automatic Renewal: Certain leases in Minnesota may include an automatic renewal clause. This means that if neither the landlord nor the tenant provides written notice within a specified timeframe that they do not wish to renew the lease, the lease will automatically be extended for another term. It's important for both parties to carefully review their lease agreement to understand if this clause applies. 4. Holdover Tenancy: If a tenant remains in the leased premises after the expiration of the initial lease term without signing a new agreement or extension, they may be considered a "holdover tenant." In such cases, Minnesota law may allow the landlord to choose to accept rent from the tenant, creating a month-to-month or periodic tenancy. However, it is always advisable for both parties to formalize any lease extensions in writing. Extending the primary term of a lease can offer stability to both landlords and tenants, allowing for continued use of the property and the potential to negotiate updated rental terms. It is essential for both parties to understand and comply with the terms outlined in the original lease agreement and any subsequent extensions to ensure a smooth and legally compliant leasing process. Seek legal advice if any complexities or disputes arise during the extension of the lease term.
