Lease Documents
It is imperative that both Landlord and Tenant keep all the lease documentation together (including the Lease, and any addenda, riders, exhibits, amendments and related agreements, as well as any assignment/sublet consents, and any subsequent lease documentation). Otherwise it could be detrimental (to say the least), if an opinion is asked on the lease and it turns out that an important document (such as an amending agreement that has modified the lease) is missing.
Do Not Accept Proof of Insurance By Fax
A Landlord should require that the Tenant send the Landlord the
Tenant's original insurance forms and endorsements, but if the
Landlord must accept copies of insurance certificates, the Landlord
should absolutely insist that the certificates be certified by the
Insurer, and not accept photocopies, as they could be
falsified.
Option to Extend
If you are a Tenant and want to exercise the right in your lease to
extend the Term, make sure that you give the required Notice of
Extension on time, and in accordance with the Notice provisions in
the Lease.
Our courts take a strong stand that if the Tenant misses the date to give notice extending the Term of its Lease, then that extension is gone.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.