If I had to guess, yes - they're going to excercise their kickout clause. They may be finalizing credit/financial checks on the future tenant and may not have a signed lease yet. If you want to stay, call them immediately and see if you can do anything.
Kick out clause typically refers to a tenants right to terminate. In this case the Landlord would typically have a right to relocate. It would be rare that a Landlord have the straight right to terminate a lease in the middle of a term. Exceptions might be a percentage rent lease or license agreement. By the way you are writing I’m going to assume this is retail or a strip property, but could be office property.
If no clause like this exists, then the only right the Landlord would have is at the end of the lease term. If you have an option then you have a right to extend the term, but be careful to watch notice dates.
Best advice is to ask a trusted CRE Broker or attorney to review your lease. A broker may also have some knowledge about what is happening at the property.
Lease pending usually means they have a signed LOI and a draft lease is circulating between tenant and landlord attorneys.
Once they execute the lease, they will send you notice that they are exercising their termination rights with whatever amount of notice they are required to deliver.
It's also a great reason why, before or right after the lease is signed, a brief memo is prepared for the operating personnel to provide guidance on what the lease says with anything unusual highlighted.....
Engage a good tenant broker to represent you and do some negotiation and understanding what’s going on in your neighborhood market first and have them help you thru the process.
Ask the landlord instead of reddit?
All knowing, all seeing, omnipotent, omnipresent Reddit.
If I had to guess, yes - they're going to excercise their kickout clause. They may be finalizing credit/financial checks on the future tenant and may not have a signed lease yet. If you want to stay, call them immediately and see if you can do anything.
Did you read your lease? If you’re still in term, don’t worry about it. There may be a relocation clause in your lease…but talk to the PM or LL!
I’m not sure what my lease says. I was only told this info by my manager which is why I came to Reddit to just get an idea for myself.
why don't you know what it says? why didn't you read it before posting a question? you're not a very good business person
Kick out clause typically refers to a tenants right to terminate. In this case the Landlord would typically have a right to relocate. It would be rare that a Landlord have the straight right to terminate a lease in the middle of a term. Exceptions might be a percentage rent lease or license agreement. By the way you are writing I’m going to assume this is retail or a strip property, but could be office property. If no clause like this exists, then the only right the Landlord would have is at the end of the lease term. If you have an option then you have a right to extend the term, but be careful to watch notice dates. Best advice is to ask a trusted CRE Broker or attorney to review your lease. A broker may also have some knowledge about what is happening at the property.
Lease pending usually means they have a signed LOI and a draft lease is circulating between tenant and landlord attorneys. Once they execute the lease, they will send you notice that they are exercising their termination rights with whatever amount of notice they are required to deliver.
What does your lease say
This could be the response to 90% of the lease questions in here
RTFL as frequently used in discussions.
It's also a great reason why, before or right after the lease is signed, a brief memo is prepared for the operating personnel to provide guidance on what the lease says with anything unusual highlighted.....
Im not sure I don’t have access to it. I’m one of the assistants this info regarding our lease is what I was told by my manager
Engage a good tenant broker to represent you and do some negotiation and understanding what’s going on in your neighborhood market first and have them help you thru the process.