Dentaltown December 2019 - 77

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our office lease is one of the most important
contracts that you'll ever sign in your business life.
That's not hyperbole-that's reality. And when
the landlord signed your lease, he granted you exclusive,
guaranteed, legal control over that office space for the
length of the term, including renewal option periods,
enabling you to use that real estate for your business
purposes under terms and conditions that cannot be
changed or taken away as long as you play by the rules.
That guaranteed control-that stability-is the
essence of what a lease arrangement is all about, and
is what allows you to pursue your business objectives
without interruption for those stated periods of time.
Without that control, you may be out of business!
That's why it is so important to protect that control
by fulfilling all of your lease obligations exactly in the
manner stated in your lease.

by George Vaill
George Vaill has been
negotiating the business
terms of office leases
for dentists nationwide
for more than 27 years.
Website: georgevaill.com

A cautionary tale
Having the right to renew or extend your lease beyond
the initial lease term-thereby guaranteeing continued
control of your office space-is a critical component of
your business, and to protect your occupancy rights,
it's very important that you pay strict attention to the
lease and to the calendar. Ordinarily, to exercise your
renewal right, you must send written notice to the
landlord declaring your intention to renew the lease
exactly in the manner specified in the "Notices" section
of the lease within the stated time frame. Provided that
you've fulfi lled all of your lease obligations and have
given proper written notice, the landlord is obligated
to allow you to continue your occupancy under the
renewal terms spelled out in the lease.
Failing to give the landlord proper written notice
of your election to continue your occupancy exactly in
the manner set forth in the lease is a disaster in waiting.
This is where "Dr. John" in Florida missed the boat.
Here's his story.
One Wednesday, after making his way through
the usual end-of-day paperwork shuffle at the office,
Dr. John was daydreaming about the long weekend
sailing trip he had planned. He had worked his heart
out for 10 years building his practice, and was pleased
with fi nally having arrived at a time when he could
afford to do nice things with his family. He felt that
he'd done everything right and, now that his business
was humming along nicely, he was proud of what he
had accomplished and confident in his future. Life
was his oyster! He saw nothing but clear sailing ahead.

Learn even more
in a Dentistry
Uncensored podcast
In his podcast with Dentaltown
founder Dr. Howard Farran, lease
negotiations specialist George Vaill
discusses what dentists need to
know about dental office lease
negotiations-including whom to
involve and when, how to set a longterm plan, and when it's a good idea
to involve an attorney. To stream or
watch the podcast, go to
dentaltown.com/vaill-lease.

dentaltown.com \\ DECEMBER 2019

77
http://www.georgevaill.com http://www.dentaltown.com/vaill-lease http://www.dentaltown.com
Dentaltown December 2019

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