Extending or Renewing or Terminating a Lease

Extending or Renewing a Lease

Almost any lease will have a provision stating the terms under which it may be extended or renewed. Sometimes advance notice of intent to renew (or to not renew) is required. It is important to read such provisions and comply with them exactly

Sample Notice of Intent to Renew or Extend Lease

Scrupulous Corporation of America

201 Wacker Drive, Suite 622
Chicago, IL 60602

November 23,2008

201 Wacker Drive Inc.
201 Wacker Drive, Suite 1012, Chicago
IL 60602

Dear Sir or Madam:

Pursuant to paragraph (3) of the Lease Agreement between you as Landlord and the undersigned as Tenant dated December 23, 1999, related to the premises located at 201 Wacker Drive, Suite 622, notice is hereby given of our intent to renew such lease for an additional term of two years.

Very truly yours, __________

Terminating a Lease

Here we are discussing the termination of a lease at the end of some appropriate term—not termination in mid-term for violation of the terms of the lease. Some leases provide for the termination of the lease upon the occurrence of some event or the passage of a certain amount of time. Some leases operate on a month-to-month basis and continue in effect until notice of termination is given by the landlord or tenant. Either the lease or state law may require a written notice of termination.

Failure to give written notice within a required time frame may result in automatic renewal of the lease. Again, it is important to read your lease and comply exactly with whatever termination provisions it contains, and to know your state’s landlord/tenant laws. These laws may also be different for residential and commercial leases. Below is an example of a termination notice given by the tenant, but a slight rearrangement of the words would make it work for a landlord giving notice to a tenant.

Sample Notice of Termination of Lease

Scrupulous Corporation of America

201 Wacker Drive, Suite 622
Chicago, IL 60602

November 23,2008

201 Wacker Drive Inc.
201 Wacker Drive, Suite 1012, Chicago
IL 60602

Dear Sir or Madam:

Pursuant to paragraph (6) of the Lease Agreement between you as Landlord and the undersigned as Tenant dated December 23, 2007, related to the premises located at 201 Wacker Drive, Suite 622, notice is hereby given that such lease agreement is terminated effective December 31, 2008.

Very truly yours, ________