N.M. Admin. Code § 1.5.21.16

Current through Register Vol. 35, No. 24, December 23, 2024

Section 1.5.21.16 - LEASE AMENDMENTS

A.General: Any lease may be amended, except as described below.

B.Limitations: No lease may be amended

(1) to increase the usable square footage by more than

(a) fifty percent (50%) for leases greater than 5,000 usable square feet;

(b) sixty percent (60%) for leases less than 5,000 but greater than 1,000 usable square feet: or

(c) seventy-five percent (75%) for leases less than 1,000 usable square feet.

(2) by more than the initial term, and no total amended term, including all extensions and options to renew, shall be more than a total of twenty (20) years.

(3) No lease may be amended three (3) months prior to its expiration without the agency beginning the RFP process.

C.Building codes and accessibility: The PCD Director may disapprove any amendment when existing leased space does not comply with building code requirements or accessibility standards.

D.Time frame: All amendments shall be submitted to PCD for approval at least fifteen (15) working days prior to the effective date of the amendment.

N.M. Admin. Code § 1.5.21.16

12/31/98; Recompiled 11/30/01