If there is no executed extension on a commercial lease, will a month-to-month be assumed or will the extension terms be the same as those in the original lease?

If there is no executed extension on a commercial lease, will a month-to-month be assumed or will the extension terms be the same as those in the original lease?

I purchased a business 4 years ago and assumed the lease. The lease was in the 4th year of a 5 year lease with a 5 year extension option. The only wording in the lease regarding the extension is the outline of the increased rent intervals. Nothing states that I assume the terms if I am still there in month 61. There is no executed extension. I need out of the lease and I’m wondering if he will have legal ground to hold me accountable for the remaining 30 months of the lease extension.

Asked on March 2, 2012 under Real Estate Law, New York

Answers:

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