When is there a demolition clause in a lease?
When is there a demolition clause in a lease?
Demolition clauses are commonly inserted in retail shop leases to allow a landlord to terminate a retail shop lease if the landlord proposes to demolish the premises. However, strict legislative requirements must be met before a termination notice to permit demolition is issued, including the requirement for a ‘genuine proposal’ to demolish.
Can a landlord be liable for compensatory damages after demolition?
Should the demolition not occur within a reasonable time after the termination, the landlord could be liable to pay compensatory damages to the tenant. If the tenant was expected to fit out the shop under the lease terms, the landlord is liable to pay compensation whether the demolition is carried out or not.
When does a landlord have the right to demolish a building?
Landlord shall have the right to terminate this Lease if Landlord proposes or is required, for any reason, to remodel, remove, or demolish the Building or any substantial portion thereof. Such cancellation shall be exercised by Landlord by the service of not less than ninety (90) days’ written notice of such termination.
How long does it take to demolish a house?
Demolition. INTENTIONALLY OMITTED. Demolition. To the extent feasible, all demolition must be scheduled at the “front end” of the project. Demolition shall not exceed ten (10) days. Demolition.
What is the demolition clause in a lease?
This clause permits your landlord to relocate your practice or terminate your lease if they decide to demolish, renovate, or redevelop the building or center you are practicing in. Often the definitions of “redevelop”, “demolish” or “alter” in the lease are highly ambiguous.
Why is it bad to have demo clause in lease?
Potential buyers will be reluctant to purchase the practice due to the risks involved, and financial institutions may also choose not to finance you or a new buyer for the same reasons. The “Demo Clause” essentially eliminates the safety and predictability of the lease term.
Landlord shall have the right to terminate this Lease if Landlord proposes or is required, for any reason, to remodel, remove, or demolish the Building or any substantial portion thereof. Such cancellation shall be exercised by Landlord by the service of not less than ninety (90) days’ written notice of such termination.
Can a holdover tenant stay after the lease expires?
A holdover tenant is a tenant who stays in the rental unit after the lease expires. If the tenant continues to pay rent, the tenancy essentially becomes a month-to-month tenancy. A holdover tenant is legally allowed to stay in the rental unit as long as the landlord takes no action to remove them.