Dtinvestor, Home Owner in New York, NY

Are the following lease renewal clauses standard for Manhattan condos? Will the only decision the owner makes be the rent increase? Then, ...

Asked by Dtinvestor, New York, NY Sat May 24, 2014

for example, what if the rent increase agreement could not be reached as Section B below? I, the owner, would like to clarify ramifications before the rent increase amount is first asked to the renter... Thanks in advance!

A. The renter shall have the right to extend the term of this Lease for 1 year commencing September 1, 2014 and ending on August 31, 2015, (the "Extension Term") provided:
(i) the renter gives Owner notice (the "Extension Notice"), in the manner required under this Lease, of the renter's election to extend the term of this Lease by May 31, 2014.
B. The monthly rent payable by the renter during the Extension Term shall be DETERMINED BY AGREEMENT BETWEEN THE OWNER AND THE RENTER AT THE TIME OF EXTENSION.

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Well, if it says "commencing September 1, 2014" then you should speak with the mgmt. ASAP.
0 votes Thank Flag Link Mon May 26, 2014
Ask your condo board / mgmt. You should have the right to modify / delete these clauses.
0 votes Thank Flag Link Sat May 24, 2014
Thank you much. Do you mean for 9/1/2015 on?
Flag Sat May 24, 2014
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