Legal Question in Real Estate Law in Canada
I have a lease on some land and this is the option for renew, it states as follows. Provided the tenant is in good standing under the terms of this lease which by the way was for 15 years, the tenant shall have the right to renew this lease for a further term of 5 years on the terms, covenants and conditions as in this lease, save and except each such further term to be at a rate to be agreed upon prior to the commencement of the renewal term. My question is, do I have a new lease for just 5 years, or upon renewal did I renew this lease for consecutive 5 year terms?
Asked on 3/05/14, 7:03 pm
1 Answer from Attorneys
Good day. Thank you for your question, however, our firm is strictly a transaction firm and does not give legal advice in regards to leases. Thank you.
Answered on 3/07/14, 6:24 am
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