Leasing 101 - Part 2

Part 1 here

2) Know Your Lease: Or at least what file cabinet it's in

Know where a copy of your lease is and know what’s actually in it.

Know and understand when your lease term ends (remember Part 1).

Know and understand holdover rent.

Know and understand if you have options to renew your current lease. If you do have an option to renew, have the rate and term already been negotiated or does the language state that renewal rent shall be based on current market rates.

How many days notice do you have to notify your landlord of your intent to exercise the option?

Know and understand any language in your lease related to Right of First Refusal or Right of First Offer on additional space in the building should you need more space or want to move to an different suite in the building.

Know and understand if you can terminate your lease early. If so, what kind of penalty accompanies the termination option?