A New Hampshire commercial lease extension refers to the process of prolonging an existing lease agreement between a landlord and a tenant for a commercial property located in the state of New Hampshire. This extension allows the tenant to continue occupying the premises beyond the original lease term. A commercial lease extension in New Hampshire offers various benefits to both landlords and tenants. For landlords, it ensures a stable rental income by retaining a reliable tenant who is already familiar with the property and its operations. On the other hand, tenants gain the advantage of continuity in their business operations, avoiding the hassle and expenses associated with relocating to a new location. Different types of commercial lease extensions in New Hampshire may include: 1. Fixed-Term Extension: This type of extension refers to a specific duration added to the original lease term. It could be a few months, a year, or even multiple years, depending on the agreement between the landlord and tenant. 2. Renewal Option: A renewal option allows the tenant to extend the lease for a specified time period, usually the same term as the initial lease, once it expires. This option provides flexibility to the tenant to decide whether they want to continue their tenancy. 3. Month-to-Month Extension: Sometimes, tenants prefer a month-to-month extension rather than committing to a long-term lease. This type of extension allows the tenant to occupy the premises on a month-to-month basis, giving them the flexibility to terminate the lease with short notice. 4. Percentage Rent Extension: In certain commercial leases, tenants may pay a fixed base rent along with an additional percentage of their monthly sales revenue as part of the rental agreement. A percentage rent extension would allow the tenant to continue this arrangement for an extended period. When considering a New Hampshire commercial lease extension, it is crucial for both parties to thoroughly review and negotiate the terms and conditions. This may include discussing rent adjustments, options for further extensions, maintenance responsibilities, and any other relevant provisions. Overall, a New Hampshire commercial lease extension offers an opportunity for landlords and tenants to continue their business relationship beyond the initial lease term, ensuring stability and success for both parties involved.
New Hampshire Commercial Lease Extension
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Introduction to lease extension Firstly, you will have to pay the premium for the lease extension. Secondly, you will have to pay your landlord's reasonable costs as they are legally entitled to.
A lease extension refers to a legal agreement that extends the term of an existing lease or rental agreement. The lease extension should name the parties involved, the dates on which the extension begins and ends, and should reference the earlier agreement being extended.
To extend a commercial lease, the tenant must serve a formal notice to the landlord, known as a Section 26 notice or a Section 42 notice, depending on the circumstances. The specific notice required will depend on whether the tenant wants a new lease with different terms or wants to continue the existing lease terms.
If your lease expires and you are not offered a new one, you become a month-to-month tenant. If you do not have a lease, the landlord can increase the rent, but must give written notice of the increase (or any other significant change), 30 days in advance.
A New Hampshire month-to-month rental agreement is a contract between a landlord and tenant that can be terminated with a minimum of 30 days' notice. Also known as a 'tenancy at-will', this type of arrangement is for a short-term arrangement or if both parties do not know when the tenancy will end.
Lease Extension Request for [Rental Address] Currently, the lease is set to expire on [date]. I would like to amend that date to end on [new date]. I propose to pay you the prorated amount of [extension rent amount] for the additional days that I will occupy the property.
An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.