Hi folks,
I have a commercial office lease which is coming up for 'Option for Renew' on the 28th August.
The tenants wish to renew for a further 5 years, which is fine by me.
However,the annual rent review date has been 1st March each year.
So... when I renew the lease in August, that date also becomes the annual rent review date which means I miss out on reviewing the rent next March.
What would others do in this situation; a) Forgo a rent increase till the following August 2008 out of goodwill or b) Put something in the lease stating an increase will be applied in March and then every August after that or c) Can't think of a c).
Any suggestions?
Silene101
I have a commercial office lease which is coming up for 'Option for Renew' on the 28th August.
The tenants wish to renew for a further 5 years, which is fine by me.
However,the annual rent review date has been 1st March each year.
So... when I renew the lease in August, that date also becomes the annual rent review date which means I miss out on reviewing the rent next March.
What would others do in this situation; a) Forgo a rent increase till the following August 2008 out of goodwill or b) Put something in the lease stating an increase will be applied in March and then every August after that or c) Can't think of a c).
Any suggestions?
Silene101