Co-Tenancy Agreement

Co-Tenancy Agreement

The main tenant remains the one who, in the end, is responsible for the rent and the condition of the property. If you live in a rental relationship, some legal issues may arise (for example.B a dispute with another tenant over invoices or changing lease details). A co-location clause in retail lease agreements allows tenants to reduce their rent when primary tenants or a number of tenants leave the retail area. A large or large tenant is a great pole of attraction for traffic, especially in shopping malls, and is often one of the main reasons why a tenant chooses a particular shopping mall. A co-location clause offers the tenant some form of protection in the form of reduced rent to compensate for the loss of traffic. As a general rule, a lessor wants a tenant to meet certain conditions to obtain a co-location regime in a rental agreement. The biggest condition is often the provision that the tenant cannot be late in the rental agreement if he wishes to invoke a co-tenancy clause. A lessor may also require the tenant to have proof of a decrease in turnover during the period of non-tenancy compared to the period preceding the infringement. A landlord will also want to make sure that if the tenant invokes a co-tenancy provision, there are not multiple remedies in the rental agreement for such an infringement. A landlord doesn`t want to be in a situation where the tenant gets the benefit of a roommate injury and then complains of further damage. If one tenant stops paying the rent, it can become a heavy burden for the other tenant, since he is then held responsible for the entire amount of the rent. If the rent is not paid on time or in full, the responsibility may lie with the other tenant to cover it, unless the tenants have signed separate leases.

Whether a tenant benefits from a co-location clause depends largely on their bargaining power. Landlords are looking for national tenants and large regional tenants for their notoriety, ability to pay higher rents and endurance. They are also desirable because of their pulling force and their ability to improve the public profile of a shopping mall. These tenants are in a better negotiating position than small tenants to get protection against co-tenancy. Like a lease, you can use a lease agreement to define the responsibilities of each roommate, including payment of incidentals, repairs, rents, and other expenses. A co-location agreement can also be used to set the house rules that everyone must follow so that each roommate knows what to expect. A copy of all written agreements with the lessor, including the lease, should be attached to this document. .

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