This office lease form is regarding the renewal or other extension of the lease as it relates to the "Base Year Taxes" and the "Base Year for Operating Expenses".
Rhode Island Option to Renew that Updates the Tenant Operating Expense and Tax Basis
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State:
Multi-State
Control #:
US-OL2402
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Word;
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How to fill out Option To Renew That Updates The Tenant Operating Expense And Tax Basis?
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FAQ
The fact that the terms of the lease has come to an end does not mean that you have to leave the property. Unless you or your landlord takes specific steps to end the agreement under the lease, it will simply continue on exactly the same terms. You do not need do anything unless you receive a notice from your landlord.
When a lease expires, both the lessor and the lessee have a few options available. The lessee can vacate or give up access to the property, or the two parties can agree to a lease renewal. This option may require some renegotiation of the terms of the new lease. The final option is to extend the lease.
In commercial real estate, a holdover clause states that, should a tenant remain in the space beyond the lease's expiration date, they must then pay an increased rental rent until they leave the premises.
A landlord may choose the path of least resistance by allowing a tenant to remain on a month-to-month lease and pay the rent. Negotiate a new lease with the tenant. In some cases, a landlord may have simply forgotten that the lease had expired.
A tenancy agreement can normally only be changed if both you and your landlord agree. If you both agree, the change should be recorded in writing, either by drawing up a new written document setting out the terms of the tenancy or by amending the existing written tenancy agreement.
An option to renew confers on the tenant a right to continue to rent the property for a fresh term after the expiry of the current term, i.e. to renew the existing tenancy. With an option to renew, the tenant obtains another term of tenancy and the landlord is somewhat secured with rental income as agreed beforehand.
Under a gross lease, the owner/landlord covers all the property's operating expenses including real estate taxes, property insurance, structural and exterior maintenance and repairs, common area maintenance and repairs, unit maintenance and repairs, utilities, and janitorial costs.
