Renewing leases

Have a 5 yr lease with cheasapeke ion property in colley township sullivan county. Lease is running out soon .They have the option to sign another 5 yr lease with all the same conditions.Wondering if anyone is in same boat and if you have hear any news concerning this issue

Thanks

cam

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Permalink Reply by G S Gass on April 12, 2013 at 8:56am

Catherine,

In 2008, the typical leases provided for a five year primary term, with the Lessee holding an option to extend the primary term for an additional five years, provided the Lessee pays an additional lease extension payment.  Depending on the lease location and terms of the extension, the Lessee will likely a) make the payment to extend the primary term for an additional five years, b) contact the Lessor to renegotiate a new lease or an amendment of the lease, c) allow the lease to expire, or d) commence operations prior to the lease expiration date. 

If the lease expires, request a "Surrender of Lease" from the Lessee.

Attached is an example of a request letter for a Surrender of Lease.  

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