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.
New Jersey Extension of Primary Term of the Lease: In New Jersey, the extension of the primary term of a lease refers to the process of prolonging the initial term of a lease agreement. This extension can be advantageous for both landlords and tenants, providing them with the opportunity to continue their rental relationship beyond the initial agreed-upon period. There are various types of extensions of the primary term of the lease that exist in New Jersey, each with its own unique characteristics and implications. Let's explore some key types: 1. Automatic Renewal: This type of extension occurs when the lease agreement includes an automatic renewal clause. As the initial term is nearing its end, the lease is automatically extended for a specified period, usually under the same terms and conditions. Both parties should carefully review the lease agreement to understand the specifics of the automatic renewal provision. 2. Voluntary Extension: In cases where an automatic renewal clause is not included, tenants and landlords can enter into a voluntary extension of the primary term. This type of extension requires mutual agreement and often involves negotiating new terms, such as rent amount, duration, and any other adjustments deemed necessary by both parties. 3. Month-to-Month Extension: In situations where a short-term extension is desired or the lease agreement does not have a provision for automatic renewal or voluntary extension, tenants and landlords may consider a month-to-month extension. This allows the lease to continue on a month-to-month basis, giving both parties flexibility in terminating the arrangement with proper notice. 4. Substantial Compliance Extension: Occasionally, tenants who fail to adhere to all terms of the initial lease agreement may be offered a substantial compliance extension. This extension allows tenants to rectify any breaches or violations within a specified period. If the tenant successfully addresses the issues, they may be granted an extension of the primary term. 5. Holdover Tenancy: When a tenant continues to occupy the premises beyond the agreed-upon lease period without explicit consent from the landlord, a holdover tenancy occurs. In such cases, the landlord may choose to accept the tenant's continued presence and grant an unofficial extension, or initiate eviction proceedings. Regardless of the extension.
