Hi I have a commercial lease
and it contains three 3yr renewal options. The method of notice is 90 days through certified mail to renew, which i already gave them.
JA: Because laws vary from place to place, can you tell me what state the property is in?
Customer: Besides my option to renew the lease is short and simple. No mention of drafting a new lease to be signed or determining fair market value, or any mention of arbitration
, just that I have 3 renewal options. My question is, if there is no mention of determing new rent or devising a new lease, etc, can they raise rent if everything suggests its an extension not a renewal? ...its in Illinois
JA: Has anything been filed or reported?
Customer: nope nothing filed
JA: Anything else you want the lawyer to know before I connect you?
Customer: just that the only thing in the lease is that the rent should be 'mutually agreed upon by landlord and tenant'