This office lease agreement fully embodies the terms and conditions of the agreement between the parties for the modification [and extension] of the Lease. Any modification, rescission, termination, extension, or waiver of this agreement or any provision made shall not be valid or enforceable unless it is in a writing signed by all parties.
New Mexico Commercial Lease Modification Agreement
Category:
State:
Multi-State
Control #:
US-OL18022
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Word;
PDF
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FAQ
So, to recap, a NNN lease means that most of the costs related to upkeep and running the building will fall to you. A modified-gross lease splits the costs between you and the landlord.
Every modified gross lease is unique to the landlord and the building. Some expenses will be covered and included as part of the base rental rate and the base year expenses, while the remaining expenses are passed through on a pro rata share and reconciled annually.
A modified gross lease is a blessing for every commercial landlord because they can share the property's operating expenses with their tenant while still controlling their property. It ensures that one party does not have to cover all the operating costs, which can be overwhelming.
Rent ? New Mexico prohibits rent control on state and local levels, so landlords may charge whatever they deem reasonable for rent. There are also no limits for raising rent, but they must notify month-to-month tenants at least 30 days before the new rent takes effect.
What Is a Modified Gross Lease? A modified gross lease is a type of real estate rental agreement where the tenant pays base rent at the lease's inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A modified gross lease is a unique method of property ownership and maintenance, where the landlord and tenant are both responsible for paying operating expenses for a property. It gives the tenant an opportunity to negotiate the lease on the unit down, as they are paying for certain expenses.
A modification of lease, also called a lease amendment or lease modification, is an agreement that formally changes the original terms and conditions of a lease. It allows the parties to agree to changes without having to sign an entirely new lease.
Ing to the Fair Housing Act and the New Mexico landlord-tenant laws, the tenant cannot be discriminated against for their sexual orientation, national origin, religion, disability, race, color, or sex.
