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.
Puerto Rico Extension of Primary Term of the Lease refers to the process and stipulations involved in extending the primary term of a lease agreement in Puerto Rico. Leases in Puerto Rico often come with a set duration known as the primary term, during which the tenant has the right to occupy and use the leased property. However, in certain circumstances, it may be necessary to extend the primary term of the lease beyond the original agreed-upon period. Key factors affecting the extension of the primary term of a lease in Puerto Rico include the lease agreement itself, the consent of both parties involved (landlord and tenant), and adherence to the legal requirements dictated by Puerto Rican laws. Extending the lease term is a complex process that requires careful consideration and often involves negotiations between the landlord and tenant. Types of Puerto Rico Extension of Primary Term of the Lease: 1. Voluntary Extension: This occurs when both the landlord and tenant agree to extend the primary term of the lease beyond the initial duration. The terms and conditions of the extension, such as the length of the extension and potential changes in rent, may be negotiated and documented through an addendum or an entirely new lease agreement. 2. Statutory Extension: In Puerto Rico, certain circumstances outlined by law allow for automatic extension of the primary term of a lease in the absence of an agreement between the parties. These circumstances may include cases where the tenant exercises their right of first refusal, or when the property is subject to urban redevelopment or renovation projects. 3. Judicial Extension: When disputes arise between the landlord and tenant regarding the extension of the primary term, either party may seek a resolution through legal proceedings. This may involve presenting evidence, arguing their case, and obtaining a court order to extend the lease term. Judicial extensions are typically sought when one party contests the terms or necessity of the extension. 4. Partial Extension: In some cases, the primary term of a lease agreement may only be partially extended. This means that a portion of the leased property or a certain period within the primary term is extended, while the rest remains unaffected. Partial extensions often necessitate specific agreements and can be negotiated based on the unique circumstances of the lease agreement. The process of extending the primary term of a lease in Puerto Rico can be complex and requires adherence to legal requirements and mutual consent. It is crucial for both landlords and tenants to consult legal professionals familiar with Puerto Rican leasing laws to ensure that the extension is legally sound and mutually beneficial.Puerto Rico Extension of Primary Term of the Lease refers to the process and stipulations involved in extending the primary term of a lease agreement in Puerto Rico. Leases in Puerto Rico often come with a set duration known as the primary term, during which the tenant has the right to occupy and use the leased property. However, in certain circumstances, it may be necessary to extend the primary term of the lease beyond the original agreed-upon period. Key factors affecting the extension of the primary term of a lease in Puerto Rico include the lease agreement itself, the consent of both parties involved (landlord and tenant), and adherence to the legal requirements dictated by Puerto Rican laws. Extending the lease term is a complex process that requires careful consideration and often involves negotiations between the landlord and tenant. Types of Puerto Rico Extension of Primary Term of the Lease: 1. Voluntary Extension: This occurs when both the landlord and tenant agree to extend the primary term of the lease beyond the initial duration. The terms and conditions of the extension, such as the length of the extension and potential changes in rent, may be negotiated and documented through an addendum or an entirely new lease agreement. 2. Statutory Extension: In Puerto Rico, certain circumstances outlined by law allow for automatic extension of the primary term of a lease in the absence of an agreement between the parties. These circumstances may include cases where the tenant exercises their right of first refusal, or when the property is subject to urban redevelopment or renovation projects. 3. Judicial Extension: When disputes arise between the landlord and tenant regarding the extension of the primary term, either party may seek a resolution through legal proceedings. This may involve presenting evidence, arguing their case, and obtaining a court order to extend the lease term. Judicial extensions are typically sought when one party contests the terms or necessity of the extension. 4. Partial Extension: In some cases, the primary term of a lease agreement may only be partially extended. This means that a portion of the leased property or a certain period within the primary term is extended, while the rest remains unaffected. Partial extensions often necessitate specific agreements and can be negotiated based on the unique circumstances of the lease agreement. The process of extending the primary term of a lease in Puerto Rico can be complex and requires adherence to legal requirements and mutual consent. It is crucial for both landlords and tenants to consult legal professionals familiar with Puerto Rican leasing laws to ensure that the extension is legally sound and mutually beneficial.
