Commercial lease
Commercial Lease form
COMMERCIAL LEASE AGREEMENT
This Commercial Lease Agreement ("Lease") is made and effective [Date], by and
between [Landlord] ("Landlord") and [Tenant] ("Tenant").
Landlord is the owner of land and improvements commonly known and numbered as
[Address of Building] and legally described as follows (the "Building"):
[Legal Description of Building]
Landlord makes available for lease a portion of the Building designated as
[Suite or Other Number of Leased Building] (the "Leased Premises").
Landlord desires to lease the Leased Premises to Tenant, and Tenant desires to
lease the Leased Premises from Landlord for the term, at the rental and upon the covenants,
conditions and provisions herein set forth.
THEREFORE, in consideration of the mutual promises herein, contained and other good and
valuable consideration, it is agreed:
1. Term.
A. Landlord hereby leases the Leased Premises to Tenant, and Tenant hereby leases the same
from Landlord, for an "Initial Term" beginning [Start Date] and ending [End Date]. Landlord
shall use its best efforts to give Tenant possession as nearly as possible at the beginning
of the Lease term. If Landlord is unable to timely provide the Leased Premises, rent shall
abate for the period of delay. Tenant shall make no other claim against Landlord for any
such delay.
B. Tenant may renew the Lease for one extended term of [Renewal Term]. Tenant shall exercise
such renewal option, if at all, by giving written notice to Landlord not less than ninety
(90) days prior to the expiration of the Initial Term. The renewal term shall be at the rental
set forth below and otherwise upon the same covenants, conditions and provisions as
provided in this Lease.
2. Rental.
A. Tenant shall pay to Landlord during the Initial Term rental of [Annual Rent] per year,
payable in installments of [Monthly Rental Amount] per month. Each installment payment
shall be due in advance on the first day of each calendar month during the lease term to
Landlord at [Landlord's Designated Payment Address] or at such other place designated by
written notice from Landlord or Tenant. The rental payment amount for any partial calendar
months included in the lease term shall be prorated on a daily basis. Tenant shall also pay
to Landlord a "Security Deposit" in the amount of [Security Deposit].
B. The rental for any renewal lease term, if created as permitted under this Lease, shall
be [Annual Rent in Renewal Term] per year payable in installments of [Monthly Rental Amount]
per month.
3. Use
[Permitted Use] Notwithstanding the forgoing, Tenant shall not use the Leased Premises for the
purposes of storing, manufacturing or selling any explosives, flammables or other inherently
dangerous substance, chemical, thing or device.
4. Sublease and Assignment.
Tenant shall have the right without Landlord's consent, to assign this Lease to a corporation
with which Tenant may merge or consolidate, to any subsidiary of Tenant, to any corporation under
common control with Tenant, or to a purchaser of substantially all of Tenant's assets. Except as
set forth above, Tenant shall not sublease all or any part of the Leased Premises, or assign this
Lease in whole or in part without Landlord's consent, such consent not to be unreasonably
with the ld or delayed.
5. Repairs.
During the Lease term, Tenant shall make, at Tenant's expense, all necessary repairs to the Leased
Premises. Repairs shall include such items as routine repairs of floors, walls, ceilings, and other
parts of the Leased Premises damaged or worn through normal occupancy, except for major mechanical
systems or the roof, subject to the obligations of the parties otherwise set forth in this Lease.
6. Alterations and Improvements.
Tenant, at Tenant's expense, shall have the right following Landlord's consent to remodel, redecorate,
and make additions, improvements and replacements of and to all or any part of the Leased Premises
from time to time as Tenant may deem desirable, provided the same are made in a workmanlike manner
and utilizing good quality materials. Tenant shall have the right to place and install personal property,
trade fixtures, equipment and other temporary installations in and upon the Leased Premises, and fasten
the same to the premises. All personal property, equipment, machinery, trade fixtures and temporary
installations, whether acquired by Tenant at the commencement of the Lease term or placed or installed
on the Leased Premises by Tenant thereafter, shall remain Tenant's property free and clear of any claim
by Landlord. Tenant shall have the right to remove the same at any time during the term of this Lease
provided that all damage to the Leased Premises caused by such removal shall be repaired by Tenant at
Tenant's expense.
7. Property Taxes.
Landlord shall pay, prior to delinquency, all general real estate taxes and installments of special
assessments coming due during the Lease term on the Leased Premises, and all personal property taxes
with respect to Landlord's personal property, if any, on the Leased Premises. Tenant shall be responsible
for paying all personal property taxes with respect to Tenant's personal property at the Leased Premises.
8. Insurance.
A. If the Leased Premises or any other party of the Building is damaged by fire or other casualty
resulting from any act or negligence of Tenant or any of Tenant's agents, employees or invitees, rent
shall not be diminished or a bated while such damages are under repair, and Tenant shall be responsible
for the costs of repair not covered by insurance.
B. Landlord shall maintain fire and extended coverage insurance on the Building and the Leased Premises
in such amounts as Landlord shall deem appropriate. Tenant shall be responsible, at its expense, for fire
and extended coverage insurance on all of its personal property, including removable trade fixtures,
located in the Leased Premises.
C. Tenant and Landlord shall, each at its own expense, maintain a policy or policies of comprehensive
general liability insurance with respect to the respective activities of each in the Building with the
premiums thereon fully paid on or before due date, issued by and binding upon some insurance company
approved by Landlord, such insurance to afford minimum protection of not less than $1,000,000 combined
single limit coverage of bodily injury, property damage or combination thereof. Landlord shall be listed
as an additional insured on Tenant's policy or policies of comprehensive general liability insurance,
and Tenant shall provide Landlord with current Certificates of Insurance evidencing Tenant's compliance
with this Paragraph. Tenant shall obtain the agreement of Tenant's insurers to notify Landlord that a
policy is due to expire at least (10) days prior to such expiration. Landlord shall not be required to
maintain insurance against thefts within the Leased Premises or the Building.
9. Utilities.
Tenant shall pay all charges for water, sewer, gas, electricity, telephone and other services and
utilities used by Tenant on the Leased Premises during the term of this Lease unless otherwise expressly
agreed in writing by Landlord. In the event that any utility or service provided to the Leased Premises
is not separately metered, Landlord shall pay the amount due and separately invoice Tenant for Tenant's
pro rata share of the charges. Tenant shall pay such amounts within fifteen (15) days of invoice. Tenant
acknowledges that the Leased Premises are designed to provide standard office use electrical facilities
and standard office lighting. Tenant shall not use any equipment or devices that utilizes excessive
electrical energy or which may, in Landlord's reasonable opinion, overload the wiring or interfere with
electrical services to other tenants.
10. Signs.
Following Landlord's consent, Tenant shall have the right to place on the Leased Premises, at locations
selected by Tenant, any signs which are permitted by applicable zoning ordinances and private restrictions.
Landlord may ref use consent to any proposed signage that is in Landlord's opinion too large, deceptive,
unattractive or otherwise inconsistent with or inappropriate to the Leased Premises or use of any other
tenant. Landlord shall assist and cooperate with Tenant in obtaining any necessary permission from
governmental authorities or adjoining owners and occupants for Tenant to place or construct the foregoing
signs. Tenant shall repair all damage to the Leased Premises resulting from the removal of signs installed
by Tenant.
11. Entry.
Landlord shall have the right to enter upon the Leased Premises at reasonable hours to inspect the same,
provided Landlord shall not thereby unreasonably interfere with Tenant's business on the Leased Premises.
12. Parking.
During the term of this Lease, Tenant shall have the non-exclusive use in common with Landlord, other tenants
of the Building, their guests and invitees, of the non-reserved common automobile parking areas, driveways,
and footway s, subject to rules and regulations for the use thereof as prescribed from time to time by Landlord.
Landlord reserves the right to designate parking areas within the Building or in reasonable proximity thereto,
for Tenant and Tenant's agents and employees. Tenant shall provide Landlord with a list of all license numbers
for the cars owned by Tenant, its agents and employees. Separated structured parking, if any, located about the
Building is reserved for tenants of the Building who rent such parking s paces. Tenant hereby leases from
Landlord [Number of Parking Spaces] spaces in such structural parking area, such spaces to be on a first
come-first served basis. In consideration of the leasing to Tenant of such spaces, Tenant shall pay a monthly
rental of [Parking Space Rental] per space throughout the term of the Lease. Such rental shall be due and
payable each month without demand at the time herein set for the payment of other monthly rentals, in addition
to such other rentals.
13. Building Rules.
Tenant will comply with the rules of the Building adopted and altered by Landlord from time to time and will
cause all of its agents, employees, invitees and visitors to do so; all changes to such rules will be sent by
Landlord to Tenant in writing. The initial rules for the Building are attached hereto as Exhibit "A" and
incorporated herein for all purposes.
14. Damage and Destruction.
Subject to Section 8 A. above, if the Leased Premises or any part thereof or any appurtenance thereto is so
damaged by fire, casualty or structural defects that the same cannot be used for Tenant's purposes, then
Tenant shall have the right within ninety (90) days following damage to elect by notice to Landlord to
terminate this Lease as of the date of such damage. In the event of minor damage to any part of the Leased
Premises, and if such damage does not render the Leased Premises unusable for Tenant's purposes, Landlord
shall promptly repair such damage at the cost of the Landlord. In making the repairs called for in this
paragraph, Landlord shall not be liable for any delays resulting from strikes, governmental restrictions,
inability to obtain necessary materials or labor or other matters which are beyond the reasonable control
of Landlord. Tenant shall be relieved from paying rent and other charges during any portion of the Lease
term that the Leased Premises are inoperable or unfit for occupancy, or use, in whole or in part, for
Tenant's purposes. Rentals and other charges paid in advance for any such periods shall be credited on the
next ensuing payments, if any, but if no further payments are to be made, any such advance payments shall
be refunded to Tenant. The provisions of this paragraph extend not only to the matters aforesaid, but also
to any occurrence which is beyond Tenant's reasonable control and which renders the Leased Premises, or
any appurtenance thereto, inoperable or unfit for occupancy or use, in whole or in part, for Tenant's
purposes.
15. Default.
If default shall at any time be made by Tenant in the payment of rent when due to Landlord as herein provided,
and if said default shall continue for fifteen (15) days after written notice thereof shall have been given to
Tenant by Landlord, or if default shall be made in any of the other covenants or conditions to be kept, observed
and performed by Tenant, and such default shall continue for thirty (30) days after notice thereof in writing
to Tenant by Landlord without correction thereof then having been commenced and thereafter diligently prosecuted,
Landlord may declare the term of this Lease ended and terminated by giving Tenant written notice of such intention,
and if possession of the Leased Premises is not surrendered, Landlord may reenter said premises. Landlord shall have,
in addition to the remedy above provided, any other right or remedy available to Landlord on account of any Tenant
default, either in law or equity. Landlord shall use reasonable efforts to mitigate its damages.
16. Quiet Possession.
Landlord covenants and warrants that upon performance by Tenant of its obligations hereunder,
Landlord will keep and maintain Tenant in exclusive, quiet, peaceable and undisturbed and uninterrupted
possession of the Leased Premises during the term of this Lease.
17. Condemnation.
If any legally, constituted authority condemns the Building or such part thereof which shall make the Leased
Premises unsuitable for leasing, this Lease shall cease when the public authority takes possession, and
Landlord and Ten ant shall account for rental as of that date. Such termination shall be without prejudice
to the rights of either party to recover compensation from the condemning authority for any loss or damage
caused by the condemnation. Neither party shall have any rights in or to any award made to the other by the
condemning authority.
18. Subordination.
Tenant accepts this Lease subject and subordinate to any mortgage, deed of trust or other lien presently existing
or hereafter arising upon the Leased Premises, or upon the Building and to any renewals, refinancing and extensions
thereof, but Tenant agrees that any such mortgagee shall have the right at any time to subordinate such mortgage,
deed of trust or other lien to this Lease on such terms and subject to such conditions as such mortgagee may
deem appropriate in its discretion. Landlord is hereby irrevocably vested with full power and authority to
subordinate this Lease to any mortgage, deed of trust or other lien now existing or hereafter placed upon the
Leased Premises of the Building, and Tenant agrees upon demand to execute such further instruments subordinating
this Lease or attorning to the holder of any such liens as Landlord may request. In the event that Tenant should
fail to execute any instrument of subordination herein require d to be executed by Tenant promptly as requested,
Tenant hereby irrevocably constitutes Landlord as its attorney-in-fact to execute such instrument in Tenant's name,
place and stead, it being agreed that such power is one coupled with an interest. Tenant agrees that it will
from time to time upon request by Landlord execute and deliver to such persons as Landlord shall request a
statement in recordable form certifying that this Lease is unmodified and in full force and effect
(or if there have been modifications, that the same is in full force and effect as so modified), stating the
dates to which rent and other charges payable under this Lease have been paid, stating that Landlord is not in
default hereunder (or if Tenant alleges a default stating the nature of such alleged default) and further stating
such other matters as Landlord shall reasonably require.
19. Security Deposit.
The Security Deposit shall be held by Landlord without liability for interest and as security for the performance
by Tenant of Tenant's covenants and obligations under this Lease, it being expressly understood that the Security
Deposit shall not be considered an advance payment of rental or a measure of Landlord's damages in case of default
by Tenant. Unless otherwise provided by mandatory non-waivable law or regulation, Landlord may commingle the
Security Deposit with Landlord' s other funds. Landlord may, from time to time, without prejudice to any other
remedy, use the Security Deposit to the extent necessary to make good any arrearages of rent or to satisfy any
other covenant or obligation of Tenant hereunder. Following any such application of the Security Deposit, Tenant
shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original
amount. If Tenant is not in default at the termination of this Lease, the balance of the Security Deposit
remaining after any such application shall be returned by Landlord to Tenant. If Landlord transfers its interest
in the Premises during the term of this Lease, Landlord may assign the Security Deposit to the transferee and
thereafter shall have no further liability for the return of such Security Deposit.
20. Notice.
Any notice required or permitted under this Lease shall be deemed sufficiently given or served if sent by
United States certified mail, return receipt requested, addressed as follows:
If to Landlord to:
[Landlord]
[Landlord's Address]
If to Tenant to:
[Tenant]
[Tenant's Address]
Landlord and Tenant shall each have the right from time to time to change the place notice is to be given
under this paragraph by written notice thereof to the other party.
21. Brokers.
Tenant represents that Tenant was not shown the Premises by any real estate broker or agent and that Tenant
has not otherwise engaged in, any activity which could form the basis for a claim for real estate commission,
brokerage fee, finder's fee or other similar charge, in connection with this Lease.
22. Waiver.
No waiver of any default of Landlord or Tenant hereunder shall be implied from any omission to take any
action on account of such default if such default persists or is repeated, and no express waiver shall
affect any default other than the default specified in the express waiver and that only for the time and
to the extent therein stated. One or more waivers by Landlord or Tenant shall not be construed as a waiver
of a subsequent breach of the same covenant, term or condition.
23. Memorandum of Lease.
The parties hereto contemplate that this Lease should not and shall not be filed for record, but in lieu
thereof, at the request of either party, Landlord and Tenant shall execute a Memorandum of Lease to be
recorded for the purpose of giving record notice of the appropriate provisions of this Lease.
24. Headings.
The headings used in this Lease are for convenience of the parties only and shall not be considered in
interpreting the meaning of any provision of this Lease.
25. Successors.
The provisions of this Lease shall extend to and be binding upon Landlord and Tenant and their respective
legal representatives, successors and assigns.
26. Consent.
Landlord shall not unreasonably withhold or delay its consent with respect to any matter for which
Landlord's consent is required or desirable under this Lease.
27. Performance.
If there is a default with respect to any of Landlord's covenants, warranties or representations under
this Lease, and if the default continues more than fifteen (15) days after notice in writing from Tenant
to Landlord specifying the default, Tenant may, at its option and without affecting any other remedy
hereunder, cure such default and deduct the cost thereof from the next accruing installment or installments
of rent payable hereunder until Tenant shall have been fully reimbursed for such expenditures, together
with interest thereon at a rate equal to the lessor of twelve percent (12%) per annum or the then highest
lawful rate. If this Lease terminates prior to Tenant's receiving full reimbursement, Landlord shall pay
the un reimbursed balance plus accrued interest to Tenant on demand.
28. Compliance with Law.
Tenant shall comply with all laws, orders, ordinances and other public requirements now or hereafter
pertaining to Tenant's use of the Leased Premises. Landlord shall comply with all laws, orders, ordinances
and other public requirements now or hereafter affecting the Leased Premises.
29. Final Agreement.
This Agreement terminates and supersedes all prior understandings or agreements on the subject matter hereof.
This Agreement may be modified only by a further writing that is duly executed by both parties.
IN WITNESS WHEREOF, the parties have executed this Lease as of the day and year first above written.
[Landlord] Signature Block [Tenant] Signature Block
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