As a commercial landlord or tenant, knowing when the lease agreement comes to an end provides great certainty. Most commercial lease agreements will detail the term of the lease, which is the period the business tenant occupies the commercial premises. Nevertheless, the type of lease term can vary between commercial leases, so a business tenant and landlord must know the lease terms available to them. This article will explain the difference between fixed and periodic terms in a commercial lease agreement when renting a commercial property for a business.\u00a0<\/p>\n\n\n\n
A fixed end date refers to the exact date the lease terminates. When the lease reaches the fixed end date, a tenant may have the option to remain on the commercial premises. As such, the lease agreement might specify the:<\/p>\n\n\n\n
Additionally, there are some advantages for a tenant with a fixed end date in a commercial lease. These are that:<\/p>\n\n\n\n
However, a landlord may not accept either of the above. If the tenant does not leave the premises, the landlord may start eviction proceedings.<\/p>\n\n\n\n
A lease term can also define a number of weeks, months and years. In this instance, the lease term will have an exact start date but no specific end date. Instead, it will end when the stated period ends. This type of lease does not:<\/p>\n\n\n\n
When this type of fixed-term lease ends, the parties to the lease may decide to sign a new lease. Alternatively, if the tenant continues to occupy the premises and pay rent, the landlord may choose to accept the same lease conditions with the same terms and rules. <\/p>\n\n\n\n
However, if the landlord does not want the tenant to remain in occupation, they will likely begin eviction proceedings to regain possession. <\/p>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\n