BOMA 2010 Office Standard and New BOMA 2010 Retail Standard
Feb 16, 2011 | Article
Written by Natalie Vukovich
(The Six-Minute Commercial Leasing Lawyer 2011)
Renewal rights in commercial leases are often limited by a provision stating that the right is only available if the tenant satisfies certain conditions. These conditions generally include the qualification that the right to renew will only exist if the tenant is not/has never been in default, or in material or monetary default, under the lease. In the absence of a no-default precondition, a tenant is entitled to exercise an option to renew even though at the time it exercised the right it was in default.
The no-default pre-condition raises several issues that have been dealt with in the Courts over the last decade.
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