A document called A Commercial Lease Agreement outlines the responsibilities between a Landlord and a Tenant when they enter into a commercial property rental.
A document called A Commercial Lease Agreement outlines the responsibilities between a Landlord and a Tenant when they enter into commercial property rental. A Commercial Lease Agreement acts as a legally binding contract that allows the business to occupy the Landlord's property for business or commercial activities in exchange for paying rent. In the Lease, the necessary information about the property is included, as well as the information on both parties' rights and responsibilities.
Commercial Leases can be a short-term, for as little as a few months, or long-term, for multiple years. Commercial Leases generally fall into two categories: (1) a business renting a portion of the Landlord's building that houses various commercial tenants or (2) a business renting an entire building from a Landlord.
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This Lease Agreement allows both parties to set forth all of the required facts and obligations necessary to rent out commercial property. The basic information about parties and rental will be listed, such as the names and addresses and the description of the property. There are also optional provisions that can be included based on the rental situation, such as a list of furnishings being provided or parking spaces that the Tenant will be able to access.
This Lease Agreement can also specify what the Tenant may and may not do in the space. For example, it can outline the terms of the accepted uses of the property, including whether or not the Tenant is permitted to store hazardous materials on the premises.
Finally, the Agreement will outline the procedures for payment of rent, start and termination of the lease, and automatic renewal of the contract.
A Commercial Lease Agreement is a binding contract that will be upheld in a court of law in any state. Therefore, the Commercial Lease itself must contain the entirety of the agreement and the terms that the parties agree to be bound by.