Colorado Commercial Lease Extension
Description
How to fill out Commercial Lease Extension?
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FAQ
Commercial tenants usually remain in a property when a lease has expired because they are still negotiating the terms of a new, renewed lease with the landlord or they have an informal agreement to stay on.
Yes, a lease can automatically renew in Colorado. Like most fixed-term leases, a clause in a written lease can determine whether or not a lease renews. Commonly, the lease will become a month-to-month lease if neither party gives notice that they wish to terminate the tenancy.
Currently, leaseholders of houses can only extend their lease once, by a 50-year period, while leaseholders of flats can extend leases as often as they wish for a 90-year period.
Can the contractual term of a commercial lease be extended? Yes. Subject to satisfying certain criteria, business tenants have a statutory right under the Landlord and Tenant Act 1954 to extend the contractual term of their lease. At the end of the lease, the tenant can ask the landlord for a new lease.
You could be responsible for rent until the end of the lease term or until the property is rented to someone else, whichever comes first. The landlord has a duty to try to re-rent the property once you have moved out, but that duty does not start until you have returned the keys to the landlord.
As already mentioned, business tenants will generally have the right to continue their tenancy agreement when it expires, but under certain extreme cases landlords do have the power to refuse to renew a lease.
Commercial tenants usually remain in a property when a lease has expired because they are still negotiating the terms of a new, renewed lease with the landlord or they have an informal agreement to stay on.
The tenant has a maximum of 48 hours to vacate the property. If they are still on the property after 48 hours, they may be forcibly removed.
If the tenant seeks a new lease they should ensure it is also protected by the Act in order to retain legal protection should the landlord try to end the tenancy. If the landlord refuses to renew the lease, tenants can apply to the courts for a new lease to be granted.
If you decide to try to negotiate a lease extension, there are no rules and your landlord could refuse to extend your lease, or set whatever terms they like.
