• Last Updated:
  • Nov 2nd, 2016 10:40 am
Tags:
[OP]
Newbie
Apr 16, 2014
1 posts
Toronto

Lease contract

Wasn't sure where to post this.. And need some advice!

I have a small business and we are currently renting the commercial. The lease has ended, but in the contract there is a clause that states that "The tenant has an option for to sign a new lease/renew the contract at the end of this lease period". Does this mean that the landlord is obligated to renew this lease even if he doesn't want to? Or could he just kick me out right now?

Thanks!
2 replies
Deal Addict
May 12, 2014
2171 posts
1678 upvotes
Montreal
TonyN800 wrote: ... The lease has ended, ... "The tenant has an option for to sign a new lease/renew the contract at the end of this lease period"
The problem is that your lease has already ended. Usually, unless the contract is very poorly drafted, the renewal clause will specify when/how to notify the other party of the requested renewal, and will set some sort of price or mechanism to set the price.

Since your lease has already ended, it is URGENT that you contact a lawyer TODAY to review your lease in detail. You might still be able to renew depending on your specific clauses/circumstances. Either way, you will probably want the lawyer to help you negotiate a proper renewal clause for your next lease.
Deal Addict
Oct 29, 2010
4278 posts
628 upvotes
Usually there is an option to renew at a predetermined price 60-90 days before the end of the lease.
So if you want to take advantage of that you will need to notify the landlord before the end of the term.

From my experience usually the landlord will come to you and ask what you want to do because they need to know if to list the unit somewhere or not.

Top