Most commercial tenants who invest, at their cost, significant sums of money in improving their leased premises often insist on including options for them to extend the lease agreement beyond the initial lease term. What most of these tenants fail to realize is that such an option must be properly exercised in strict accordance with the terms of the lease agreement, and, if they fail to do so, they risk forever losing their right to so extend the lease agreement.
In Warminster Equities LLC v. Warminster Commerce , the U.S. District Court for the Eastern District of Pennsylvania taught such a devastating lesson to a commercial tenant that failed to properly exercise their option to extend, for all intents and purposes, a 97-year lease agreement.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
