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.
The Wisconsin Extension of Primary Term of the Lease is a legal provision that allows landlords and tenants to extend the length of a lease beyond its original term. This provision is commonly used in commercial leases, but can also be found in residential leases. When entering into a lease agreement, the primary term is the initial duration specified in the lease, usually ranging from one to ten years. However, circumstances may arise where both parties wish to continue the lease beyond this initial period. In such cases, the Wisconsin Extension of Primary Term of the Lease comes into play. There are several types of extensions that can occur in Wisconsin, each serving a specific purpose and requiring different procedures to be followed. These are: 1. Fixed-Term Extension: This type of extension allows the lease to continue for a specific predetermined period of time. For example, if a commercial lease expires after five years, both the landlord and tenant may agree to extend it for an additional two years. 2. Month-to-Month Extension: If both parties wish to continue the lease on a month-to-month basis rather than committing to a fixed term, they can opt for a month-to-month extension. This provides flexibility as either party can terminate the lease with proper notice, usually 30 days. 3. Rollover Extension: A rollover extension occurs when the terms of the original lease remain the same, except for an automatic extension of the primary term. This typically happens when the lease includes a clause stating that it will automatically renew unless either party provides written notice to terminate. To execute an extension of the primary term in Wisconsin, it is crucial to follow the specific procedures outlined in the lease agreement and adhere to state laws. Typically, both the landlord and tenant must sign an amendment or addendum to the original lease, clearly stating the extension terms, duration, and any necessary adjustments to rent or other lease provisions. In Wisconsin, it is recommended to consult legal counsel or a real estate professional familiar with state laws and regulations to ensure a smooth and lawful extension of the primary term of the lease. By properly executing this extension, both parties can continue their lease relationship under agreed-upon terms, providing stability and certainty for the future.
