What is the process for terminating a commercial real estate lease?

In North Dakota, the process for terminating a commercial real estate lease is subject to the lease agreement between the landlord and the tenant. Generally speaking, however, the tenant must provide written notice to the landlord of their intention to terminate the lease. This must be met with a written response from the landlord acknowledging the lease termination. The lease agreement should also state if the tenant is responsible for any unpaid rent or damages beyond the termination date. If the tenant is responsible for such payments, the tenant must pay those fees before the lease is officially terminated. If the lease agreement has a renewal clause, it is important to check that clause before terminating the lease. In some cases, the landlord will require the tenant to issue notice of non-renewal before a certain date before the lease ends. Failing to do so may result in an automatic renewal of the lease. The tenant should also ensure that any security deposit held by the landlord is returned upon lease termination. The landlord is required to return the security deposit, minus any deductions for damages, to the tenant within 14 days of the lease termination date. Finally, both parties should follow any other terms stated in the lease agreement. This may include providing keys for the property, returning any items loaned by the landlord, and avoiding any additional costs or damages beyond those incurred as part of the normal tenant-landlord relationship.

Related FAQs

What is the process for terminating a commercial real estate lease?

Related FAQs

Related Blog Posts