Can an exsisting lease be renagotiated before the ending date if ther is property improvement?
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Can an exsisting lease be renagotiated before the ending date if ther is property improvement?
My siblings and I together own property that we lease to Encore Oil for drilling along with offices and shops. We have signed a twenty five year lease. The county is puting in water and sewer which will improve our land and increase the value and taxes. Thid will happen long before the twenty five years is up. The brothers want Encore to have to lease the hook-ups.
Asked on June 8, 2009 under Real Estate Law, Washington
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
A properly drawn commercial lease has provisions for rent adjustments to meet tax increases and special assessments (if the county charges the owners of the property served by the new water and sewer lines, for all or part of the cost of installation). Ordinarily, the lease terms govern, and if you've made a bad deal you may be stuck with it, although there are some exceptions. Without more information, I can't give you anything more definite.
You need to take the lease to an attorney in your area who is familiar with commercial real estate law, for advice that you can rely upon, based on all of the unique facts of your case. One place to find a qualified lawyer is our website, http://attorneypages.com
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