New Mexico Notice of Extension of Primary Term of Lease Letter to Lessor Dear [Lessor's Name], RE: Notice of Extension of Primary Term of Lease Agreement I hope this letter finds you in good health and high spirits. I am writing to formally notify you of our intent to extend the primary term of the lease agreement between [Tenant's Name] and [Lessor's Name], for the property located at [Property Address], in accordance with the laws and regulations of the state of New Mexico. As defined in the original lease agreement, the primary term is set to expire on [Current lease expiration date]. However, due to favorable circumstances and mutual agreement, we seek to extend the primary term for an additional period of [Extension Period] commencing from [New lease start date] until [New lease end date]. This extension is sought because [provide a brief explanation of why the extension is being requested, such as a need for more time to complete construction or favorable market conditions]. We believe that extending the primary term of the lease will benefit both parties by [explanation of mutual benefits, such as ongoing rental income for the lessor and continued use of the premises for the tenant]. Moreover, it is important to note that all terms and conditions of the original lease agreement will remain in full effect throughout the extended period. The rent amount of [Current rent amount] per [rent frequency] will remain unchanged, and all other provisions, including maintenance responsibilities and insurance requirements, will continue per the original agreement. To ensure this extension is legally binding and documented appropriately, we kindly request your acknowledgment of the extension by signing and returning a copy of this letter. Your prompt attention to this matter would be highly appreciated. Please note that should you have any concerns, questions, or require further clarification regarding this notice of extension, I am readily available to discuss and address any issues promptly. Once again, thank you for your cooperation throughout our tenancy, and we look forward to continuing our positive business relationship. We trust that this extension of the primary term will serve both parties' best interests. Yours sincerely, [Your Name] [Tenant's Contact Information] ---------- Alternative Types of New Mexico Notice of Extension of Primary Term of Lease Letter to Lessor: 1. New Mexico Notice of Extension of Primary Term of Lease Letter to Lessor — Commercial Property: This type of letter is specific to commercial properties, such as offices, retail spaces, or industrial properties, where tenants require an extension of the primary term to continue their operations. 2. New Mexico Notice of Extension of Primary Term of Lease Letter to Lessor — Residential Property: This type of letter is intended for residential lease agreements, where tenants need an extension of the primary term to maintain their residence due to personal circumstances, renovation delays, or other reasons. 3. New Mexico Notice of Extension of Primary Term of Lease Letter to Lessor — Agricultural Property: This type of letter applies to lease agreements related to farmland or agricultural properties, where farmers or agricultural businesses request an extension of the primary term to continue their farming operations. 4. New Mexico Notice of Extension of Primary Term of Lease Letter to Lessor — Government or Institutional Property: This type of letter is applicable when government agencies, educational institutions, or other organizations need an extension of the primary term for properties leased for public or institutional use. These variations highlight the specific nature of the lease agreement being extended and cater to the unique needs and considerations of each property type.
New Mexico Notice of Extension of Primary Term of Lease Letter to Lessor
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If you and your landlord decide to renew the fixed-term contract, you'll usually need to: Agree on the duration - e.g., a 1-year lease. Agree on break clauses ? which allow you to end the lease early. Sign new paperwork ? which can contain different clauses to your current lease.
Once all of this is done the lease extension agreement can be completed and registered at HM Land Registry. This will give it legal effect and make the extended lease a legal document, protecting both landlord and tenant's rights in regards to the property.
A lease renewal letter should include the following information: Landlord/Property manager name and address. Tenant name and address. Date of letter. Rental term. Monthly rent amount. Rent increase/decrease (if necessary) Landlord/Property manager's signature.
Put it in writing Your name, current address and contact information. Date the lease extension request is submitted. Length of the lease extension, including the proposed end date. Reasons for extension. Date by which you need a decision, usually 10 days to two weeks.
When you're writing a lease renewal letter, you should include: The names and contact information for the landlord and tenant. The address of the rental property and unit number, if applicable. A reference to (or copy of) the original lease. The renewal terms or any changes to the terms of the original lease.
A lease extension refers to a legal agreement that extends the term of an existing lease or rental agreement. Extensions are not a requirement in a business relationship but are often granted just before an original agreement is set to expire.
What are the steps in the lease extension process? Step 1 ? Inform the freeholder of your desire to extend the lease and that you will be pursuing the statutory route. ... Step 2 ? Appoint a lease extension solicitor with expertise in the field and who is a member of the Association of Lease Extension Practitioners (ALEP).
Explain why you need this extension (i.e. to cover costs of________ until ________). Itemize and explain any monthly costs and any other additional costs associated with the requested time extension. If there will be no cost change as a result of the additional time requested, say so.
