Q: Does a business expired lease revert to a one year lease after expiration? We are in North Carolina
We have a small restaurant in a small shopping plaza. We signed a one year lease in 2022. The shopping plaza owner passed away in Dec. 2023. Our lease expired the same month. The owners son inherited the shopping plaza and immediately sold it. We were not aware it was for sale until just before it was sold. The new owners have not presented us with a lease yet but are working on one. We have been told that the expired lease reverts to one year until a new lease is signed. Please verify if this is true. We are just trying to figure out how much time we have to sign the new lease if the owners present us with one. We would like to have time to properly look it over and not be pressured by time restraints the new owner might impose. Thanks !!
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