Your lease will contain dates which require you or the landlord
or anybody associated with your occupancy to take an action. Highlight the date
and pull it aside with a brief explanation.Just like the synopsis, describe in brief what the date is about and
pull the Article and paragraph number in order to refer to the lease in the
accurate spot. There are also dates that may benefit you if someone doesn't
take an action which you also need to monitor. Lease documents get long with
exhibits, addenda and riders, so be exact where the governing language is. If
there is associated language in another part of the lease, highlight it and
explain. Some dates indicate that by a date if you DON’T act you loose; like
renewal options that automatically kick in if you fail to give notice, or your
expansion opportunity is gone because you simply didn't write a one sentence
letter.
Consider strongly also capturing the critical dates of
all other tenants that may effect your occupancy and growth.There may be dates he has to live by also.
Many a landlord has negotiated expansion rights which very rarely get triggered
because the date came and went without action. Get as many dates as possible.
Capture their expansion option dates, right of first refusal dates, right of
first offer dates, renewal option notice dates and others so you know when they
have to notify the landlord, or better, they forgot and now your ability to
expand has just become superior to their lost rights.If any specific date requires work or time
prior to its date, such as it may take three months evaluation to decide
whether to execute your expansion option, be sure to create another critical
date sufficiently early to deal with the date you must act.Remember knowledge is power and you are just
setting the stage for the next negotiation with the landlord with your leverage
in place.
Nothing contained herein is to be considered legal advice. Always seek legal advice when evaluating any legal document
