Notices
To many tenants, signing the Lease is the last time you ever expect to hear from the Landlord. Oh, you may expect to call the property management company to replace light bulbs but why else would you be interfacing with the Landlord? After all, you are a "GOOD" tenant and you pay your rent.
Throughout the term of your Lease, the Landlord will often times send you notices, some important, some not so important, and some you need to pay particular attention to. As an example:
· Maybe the building will be closed on a Saturday for a fire inspection and you planned a big sales meeting.
· Maybe the Landlord is doing work on the common areas which will restrict your access.
· Maybe the Landlord is planning a big "Tenant Appreciation" day and you're invited
· Maybe the Landlord is refinancing the building and sends you an Estoppel Certificate
Often, tenants have the notices sent to the Premises only and it is simply addressed to the firm. The notice is opened by the receptionist and hopefully forwarded to the right person. What if you were that person and you were out of town? Let's say your failure to respond to that notice meant a default in your lease. Not a good situation.
Here's a tip:
Under the notice section of the Lease, always designate a specific person to whom notices should go. As a backup, at IN/House we always have copies of those notices sent to our office. We do this for several reasons. First, we act as a "non-liable" back-up. Sort of like sitting in the on deck circle. Secondly, we understand what the notice means and what the potential ramifications can be, if any. If your broker doesn't want to "get involved," ask your attorney to serve as the on deck hitter.
One missed notice can be VERY costly!!!
Again- ALWAYS SPECIFY INDIVIDUALS TO RECEIVE THE NOTICES AND BACK YOURSELF UP.
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