What is the name of your state? New York
I have rented a commercial space in the LES since 1993 .The lease is a 5 yr lease and has a rider attached that gives me the "option to renew under the same terms" .The will renew the 5 year lease but willnot give me the option to renew the next 5 years .Can they take that out or are they obligated to renew under the same terms,which would mean the option to renew for another 5 years when the 5 years is up.What is the name of your state?
You have a lease and a rider. The rider says you can renew the lease. It does not say you can renew the lease an rider.
You could take the matter to court to agrue that the option on renewing is actuallly part of the lease, but that seems like something that the court would laugh out of town because it would cause the lease contract to be ridiculous: Giving you the guaranteed right to lease the property at todays rates from now until the end of time.
The Rider states at top: "Rider attached to and forming part of lease"
It spells out the dates and amounts with other Statements such as:
Tenant agrees to take possession of the demised premise in its present condition "as is"
Tenant agrees to maintain Insurance
OPTION TO RENEW ON SAME TERMS YEARS 11 THROUGH 15.
WOULD'NT THE SAME TERMS MEAN THE OPTION TO RENEW YEARS 16 THROUGH 20
Or is this just wishful thinking on my part and would not hold up in court.
Well, from your original explanation, I thought that the lease might have been vauge and been open to interpretation as to whether the rider is part of the lease, but the wording
Quote:
OPTION TO RENEW ON SAME TERMS YEARS 11 THROUGH 15.
I see your point , I have the option to renew another five years 11 through 16 which is clearly stated.But the "same terms" would not mean the option to renew.
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