R
Rockrz
Guest
What is the name of your state? Texas
I have a question about a portion of a lease on a piece of commercial property that has a large convenience store on it that is owned by a major, multi-billion dollar, worldwide corporation (we won't mention any names here for obvious reasons). This is a long term lease between my family, and this company.
I have a long term lease with this company that states I will be paid additional rent for the property (over & above the price schedule mention in the lease) according to the Consumer's Price Index of the U.S. Department of Labor, Bureau of Statistics.
The problem is, we've been under paid since 1987 for the rental of this property, and I want to get paid according to the property's actual value from then until present.
I've just search the U.S. Department of Labor's website and it appears that they have nothing to do with the value of real estate. If they do, it's not on their website. This leads me to believe that they have nothing to do with real estate pricing values.
I need to know if this can be a claim that the contract is invalid. They have no clause in there that states that if any part of this contract is found to be illegal, or of no effect, that the rest of the contract will remain in force.
Here's the pargraph in question:
Over and above the minimum Net Base Rental above provided, Tenant shall pay to Landlord during each five-year Additional Renewal Period as additional rent, beginning July 1, 1987, an amount per month equal to the same percent of the monthly Net Base Rental for the first month of such Additional Renewal Period as the percent of increase, if any, which the then applicable and current Consumer's Price Index of the U.S. Department of Labor, Bureau of Statistics, bears to the same Index for the first month of the previous 5-year renewal term or Additional Renewal Period
This paragraph doesn't really make sense if the Consumer's Price Index of the U.S. Department of Labor, Bureau of Statistics doesn't set the standard for the value of commercial real estate property.
Can this be contested????
I have a question about a portion of a lease on a piece of commercial property that has a large convenience store on it that is owned by a major, multi-billion dollar, worldwide corporation (we won't mention any names here for obvious reasons). This is a long term lease between my family, and this company.
I have a long term lease with this company that states I will be paid additional rent for the property (over & above the price schedule mention in the lease) according to the Consumer's Price Index of the U.S. Department of Labor, Bureau of Statistics.
The problem is, we've been under paid since 1987 for the rental of this property, and I want to get paid according to the property's actual value from then until present.
I've just search the U.S. Department of Labor's website and it appears that they have nothing to do with the value of real estate. If they do, it's not on their website. This leads me to believe that they have nothing to do with real estate pricing values.
I need to know if this can be a claim that the contract is invalid. They have no clause in there that states that if any part of this contract is found to be illegal, or of no effect, that the rest of the contract will remain in force.
Here's the pargraph in question:
Over and above the minimum Net Base Rental above provided, Tenant shall pay to Landlord during each five-year Additional Renewal Period as additional rent, beginning July 1, 1987, an amount per month equal to the same percent of the monthly Net Base Rental for the first month of such Additional Renewal Period as the percent of increase, if any, which the then applicable and current Consumer's Price Index of the U.S. Department of Labor, Bureau of Statistics, bears to the same Index for the first month of the previous 5-year renewal term or Additional Renewal Period
This paragraph doesn't really make sense if the Consumer's Price Index of the U.S. Department of Labor, Bureau of Statistics doesn't set the standard for the value of commercial real estate property.
Can this be contested????
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