- Category: Leases & Titles
You may come across the phase lease “re-gears” or “re-gearing”, particularly with commercial property leases, and wonder what on earth this is describing.
Just what is a lease regear, and what does it mean?
In short, a re-negotiation of the lease so that there’s a benefit for both the landlord and tenant.
Often this means that it extends longer to have a reduced rental level now. Therefore, you tend to define a lease regear by what the two parties want out of the property interest – the landlord, and tenant.
So, one will trade-off one factor of the lease, to benefit another; and the other vice versa, on hopefully a mutually beneficial basis.
It’s not that either party has to do any of this. After all the current lease is a set...Write comment (0 Comments)