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Form #1139

After Expiration of Term of Years

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After Expiration of Term of Years Form - This form is free to download and use.

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After expiration of term of years.

The rental to be paid during balance of term of this lease shall be subject to revision, based on any increase in estimated value of land, plus any betterments assessed thereon, as follows: Lessors may, if they so elect, ask for a readjustment of rent to take effect at expiration of _________-year period, but if they elect to do so they shall give notice in writing to lessee at least _________ months prior to end of such period. In case parties agree in writing on an increased yearly rent for premises for second _________ years of such term, exceeding $_____ plus _____% on any betterments assessed on land, such increased rent shall be the yearly rent payable for _________ years beginning _________[year].

In absence of any such agreement for increased rent either party may give notice in writing to the other party of desire of such party to have value of land estimated by valuers, and in that case value of land as of _________[year], shall be estimated by valuers, one to be named by party giving such notice and another to be named by the other party, and third to be named by two so named. But if such other party does not name a valuer and notify same to party giving such notice within _________ days after being requested by such party to do so, then such last-mentioned party shall name a second valuer and the two so appointed shall name the third valuer. In case they are unable to agree within _________ days, the third valuer shall be appointed by _________ court of _________ county, _________; and if any valuer appointed by either of parties shall die, or refuse, or become incapable to act, party that appointed such valuer shall appoint another valuer instead, and if such party shall not name another valuer and notify the same to the other party within _________ days after being requested by such other party so to do, then such other party shall name another valuer, and if the third valuer shall die, or refuse, or become incapable to act, the two other valuers shall not be considered an arbitration, and they shall be at liberty to act on their own judgment without hearing evidence.

The decision of a majority of valuers shall be final and binding on the parties. The yearly rent payable during such term of _________ years beginning _________[year], shall be _____% on value of land, exclusive of buildings as determined by such valuers, plus $_____, provided, however, that such rent shall not in any case be less than $_____ plus _____% on any betterments assessed on land.

Lessors may, if they so elect, ask for readjustments of rent to take effect at expiration of second _________-year period on _________[year], or of the third _________-year period on _________[year], or of both periods, and lessee may ask for readjustments of rent to take effect at expiration of such periods in case rent then payable exceeds $_____ plus _____% on any betterments assessed on land. In each case the party asking for a readjustment of rent shall give notice in writing to the other party at least _________ months before beginning of _________-year period in question, and in such case the parties may agree in writing on rent, and in case they fail to do so either party may ask for a valuation of land, and all provisions relative to such valuation shall apply as stated herein.

In case no readjustment of rent is asked for to take effect at the end of any _________-year period, the rent shall continue during such period at rate previously in force, and in case of any valuation the yearly rent shall be _____% of valuation of land as determined by valuers, plus $_____ provided, however, that it shall not in any case be less than $_____ plus _____% on any betterments assessed on land.



 
Contributed by
Asian Investment Advisers
 
Name of Firm Asian Investment Advisers
Total Forms Contributed 61
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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Comments

submitted 12/8/2008
by DavidMarshall  

"Some rental or lease agreements fix the rent for the term of months or years. In other words, the lessor agrees to take the risk that there will be no inflation and that the value of the rental will remain substantially the same. But if the agreement is intended to last for some years, it is customary to include a clause such as this to allow the property to be revalued so that the lessee pays an adjusted rent during each nominated period of time. This modification to the liability will either be by agreement or, if the parties cannot agree, by the decision of an independent valuer or panel of valuers. You should really have proper advice on how this process can and should work. For example, can the valuers fix the new rental based on whatever they think is the current market value, or is the amount of each increase to be capped?"
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Keywords: After Expiration of Term of Years, Real Estate, Free Forms

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