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Many commercial leases contain a clause whereby a Tenant, at the end of their lease, could be obligated to return their premises to the Landlord in “base building” condition. This clause means that the Tenant could be required, at their expense, to remove not only their furniture and trade fixtures but all leasehold improvements, including walls, carpet, etc. and repair any damage from doing so.
If the Landlord exercises this clause to its full extent, this can be a costly surprise. It can also have the effect of tipping renewal negotiations in the Landlord’s favour because it is a moving cost a Tenant will incur – advantage Landlord!
We meet too many Tenants who sign their lease without understanding some of the onerous clauses the lease contains. The Landlord writes the lease, and they are weighted in favour of the Landlord.
CORE has successfully negotiated the lease document with Landlords to change or remove many clauses in the lease to make it much more Tenant friendly and minimize the financial impact on Tenants.
If you are unsure about any clauses in your lease that may impact your tenancy feel free to contact CORE and we would be happy to provide a complimentary lease review and summary: [email protected]
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