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Many times when a tenant leases space, the term of the lease is anywhere from 5-10 years or longer.  That is a long time to be locked into your lease if your space cannot adapt to the changes in your business.  There are certain key rights that tenants should negotiate as part of their lease.  If there is the potential for your business to be sold, you will want the right to assign your lease to the buyer.  If you intend to bring in new investors or to replace investors, you will want to make sure that changes in your ownership are not subject to your landlord’s prior approval or that personal guarantees can be replaced with other forms of security.  If you expect your business to grow, you will want options to expand into contiguous space.  If your business is new, you may want the right to terminate the lease early or to contract your space if your business does not grow as planned.  Prior to signing a lease, it is important to carefully review the provisions to make sure that they do not overly restrict the operations of your business.

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