Supplemental Lease: Definition, Example
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Quick Facts — Supplemental Lease Lawyers
- Avg cost to draft a Lease Agreement: $760.00
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- Lawyers available: 252 real estate lawyers
- Clients helped: 422 recent supplemental lease projects
- Avg lawyer rating: 4.97 (56 reviews)
What is a Supplemental Lease?
A supplemental lease is a type of agreement that is typically used when an original lease agreement has been violated in some way. This could be due to the tenant damaging the property or not paying rent on time. The lease is most commonly used to impose new terms and conditions that mitigate risk for landlords.
For example, in many cases, a supplemental lease will require the tenant to pay additional fees or fines. It may also give the landlord the right to evict the tenant if they fail to comply with the terms of the supplemental lease.
Supplemental Lease Sample
| 1. | The Lease and Amendments as last amended by Lease Extension and Modification Agreement II are hereby reinstated in full. | ||
| 2. | The term of the Lease shall commence on September 1, 2011 and expire on March 31, 2014. | ||
| 3. | The Net Usable Square Feet shall be 20,000 Net Usable Square Feet. | ||
| 4. | Landlord acknowledges receipt of the rent due September 1, 2011 in the amount of $5,000. | ||
| 5. | Commencing with the rental payment due October 1, 2011 and continuing through and including March 31, 2012, the Base Rent shall be $72,000 per year, payable in equal monthly installments of $6,000 each on the 1st day of each and every month throughout the term aforesaid, that is October 1, 2011 through March 1, 2012. | ||
| 6. | Tenant in addition to the Base Rent, shall make a single payment to Landlord during the 1st week of October, 2011 in the amount of $18,432.75. This payment is in full and final satisfaction of the obligation to pay such amount under the provisions of paragraph 5 of the Sixth Amendment to the Lease. | ||
| 7. | Tenant shall have a single option to terminate this Lease exercisable only during the month of March, 2012, only in the event Tenant does not receive either a Department of Energy grant of $1,000,000 or greater for which Tenant has already applied, or a Department of Defense Contract of $1,000,000 or greater as to which the Tenant has submitted a bid. Tenant agrees to use its best efforts in order to obtain either or both of the Department of Energy grant and the Department of Defense contract. | ||
| 8. | In the event the Tenant terminates this Lease as provided herein during the month of March, 2012, then in such event Tenant’s sole rental obligation to Landlord for Base Rent and Additional Rent during the period of this Lease from September 1, 2011 through March 31, 2012, shall be the rental obligations provided for during those periods of time set forth in paragraphs 5 and 6 above. Other than the rental obligation, Tenant shall continue to abide by and be obligated to perform all of the other terms and provisions of the Lease. | ||
| 9. | In the event the Tenant is awarded either the Department of Energy grant already applied for or the Department of Defense Contract already bid upon, each as described in Section 7 above, then in such event, commencing on the 1st day of the month immediately following the date Tenant receives formal notification of the receipt of such grant or contract, the Base Rent shall be increased from $6,000 per month to $17,500 per month, plus the Tenant’s proportionate share of taxes, insurance and other building operating expenses as set forth in the original Lease, making Tenant’s total amount due $23,451.57 per month. Tenant shall otherwise perform all other terms and provisions of the Lease and all prior amendments, except as modified by this “Supplemental Lease Extension and Modification Agreement.” | ||
| 10. | Landlord hereby waives, release and relinquished any claim for past due rent and additional rent prior to September 1, 2011. | ||
| 11. | Except as modified herby, all of the terms and provisions of the Lease Agreement and all prior Amendments are hereby ratified and confirmed by the parties in all respects. | ||
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KINGFISHER, LLC
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/s/ Edward L. Hoe, Jr., Member Manager
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By: Edward L. Hoe, Jr., Member Manager
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MTI MICROFUEL CELLS INC.
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/s/ Peng L. Kim, Chief Executive Officer
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By: Peng K. Lim, Chief Executive Officer
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Reference:
Security Exchange Commission - Edgar Database, EX-10.1 2 exhibit10-1.htm SUPPLEMENTAL LEASE EXTENSION AND MODIFICATION AGREEMENT, Viewed October 13, 2022, View Source on SEC.
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Meet some of our Supplemental Lease Lawyers
Moss S.
Over 30 years of experience practicing commercial real estate and complex business litigation law.
"Moss S was responsive and attentive to my needs and completed the task ahead of time and within budget"
Steven W.
Attorney Steven Wax is ardent about helping his clients. Whether creating personalized estate plans, drafting and negotiating contracts or other legal matters. Steven’s goal is to assist and counsel his clients to protect them and their loved ones. Steven grew up on Long Island, New York. He attended the University of Massachusetts in Amherst earning a BS in Sport Management. He earned his paralegal certificate at Duke University and earned his Juris Doctorate from North Carolina Central University School of Law in Durham, NC. Steven has an extensive legal career in the life science sector, working for some of the world’s largest Contract Research Organizations since 2013. Steven has negotiated a broad range of contracts for both businesses and individuals. Steven participated in the NCCU Elder Law Project, where he prepared wills, durable powers of attorney, living wills, and health care powers of attorneys for low/fixed income clients in Durham and surrounding counties. Steven finds meaningful ways to share his skills and passion with his community. Steven volunteers his time to Wills for Heroes, which provides no-cost estate planning documents to first responders and their families, through the NC Bar Foundation.
"Steven was patient and effective when answering my questions and with the drafting process. Thank you Steven"
Nancy S.
Seasoned corporate, business and real estate attorney with 30 years experience managing private practice groups and in-house legal functions for publicly traded, privately held, and family companies.
"I had the pleasure of working with Nancy on a commercial lease for our Business, and I couldn’t be more satisfied with the experience. From our initial consultation to the final signing, her professionalism, deep knowledge of real estate law, and attention to detail were outstanding. What impressed me most was the clear and consistent communication. She took the time to walk me through all clause of the lease on which we had concerns, answered all my questions promptly, and made sure I fully understood my rights and obligations and also suggested modification which would help me as a Tenant. Her expertise helped negotiate favorable terms and avoid potential pitfalls I wouldn’t have caught on my own. If you're looking for a real estate attorney who combines strong legal skills with excellent client service, I highly recommend Nancy. She made a potentially stressful process feel smooth and secure."
Brian R.
Brian C. Restivo, the managing member of Restivo Legal, PLLC, has been licensed by the State Bar of Texas and continuously practicing as an attorney since November of 2000. Over these years, he has represented customers across the spectrum - from a Fortune 500 company to individuals - and is seasoned at tailoring his services to the unique needs of each customer.
"Thank you for taking your time to review my contract with me, answer all my questions and for making me comfortable and knowledgeable enough to continue in this land buying process!"
September 2, 2023
Jeffrey J.
I have been in business development for 15 years before becoming an attorney. As an attorney, I help companies navigate legal challenges that they face.
August 15, 2023
Anthony V.
Anthony M. Verna III, is the managing partner at Verna Law, P.C. With a strong focus on Trademark, Copyright, Domain Names, Entertainment, and Advertising law, Verna Law, P.C. strives to provide all Intellectual Property services a modern business of any size may need to market and promote itself better. From the very early concept stage, Verna Law, P.C. can conduct a comprehensive, all-encompassing search and analysis on any proposed trademark to head off complications. Once the proposed concept enters the Alpha stage, Verna Law, P.C. can seamlessly switch to handling registration, protection, and if needed, defense of registered trademarks, copyrights, and domain names, as well as prosecution of entities violating said rights. Verna Law, P.C. also provides intellectual property counseling and services tailored to fit into your business’ comprehensive growth strategy. This shows as many of Verna Law, P.C.’s clients are international: from China, the United Kingdom, Canada, and Germany, Verna Law’s reach is worldwide. Additionally, Verna Law, P.C., can handle your business’ Entertainment and Advertising law needs by helping your business create advertising and promotions that keep competitors and regulators at bay. Located in the shadow of New York City, Verna Law, P.C. has a global reach that will provide clients with the most vigorous Intellectual Property advocate available. Anthony M. Verna III is a member of the New York and New Jersey Bars, as well as the U.S. District Court Southern District of New York. He is a sought-after business speaker, including regular appearances at the World Board Gaming Championships, Business Marketing Association of New Jersey, and Columbian Lawyers Association.
Cory L.
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