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A commercial lease agreement or commercial lease contract is very similar to a residential lease – which is a binding agreement between the landlord and tenant over a specified property.
The commercial lease agreement between the landlord and tenant provides a set of requirements of which the tenant must abide to, during their period of leasing the commercial property.
The commercial lease contract will detail the standard information that one is to expect from any sort of lease agreement. It will list the landlords name and address, the tenants name and address, as well as the property name and address.
It will also provide information about the premises, such as the exact type of premises, and the square footage of the premises. There will also be details outlaying the business operations of the premises, as planned by the new tenant.
The commercial lease form will also provide basic details as to whether smoking or pets are allowed on the premises. It may also include information in regard to parking, or the availability or restrictions of signs and billboards around the premises location.
The tenant may wish to make changes to the property or even sublet areas of the premises. If you wish to detail this information within the commercial lease agreement, you should do so, whether to state that the tenant can, or whether the tenant must request a landlords permission first.
Of course all the basics from a standard residential rental agreement will be contained within the commercial lease contract. Information as to when the lease agreement begins and when it ends. Or if it is a rental agreement contract, then you will wish to state how often the commercial lease agreement shall be renewed.
You will also want to include payment information as to how often rent is paid. Commercial contracts often differ from residential contracts and rent can be paid from every week up until annually The payment amount should be stated within the contract. Details in regard to a termination notice – how many days notice for a breach of lease, or a termination notice from the landlord or tenant, should be stated within the agreement.
The amount of rent should be listed, the method of payment of the rent, and also the date when rent will be paid. In some cases, you may wish that the tenant pays a percentage of any gross or net sales, and if so then that will need to be listed in the commercial lease.
You also cannot just raise the rent – you need to provide a certain amount of days notice prior to issuing a rent increase notice, and this should be stayed within your commercial lease agreement. Any late penalty payments should also be included, as well as whether there will be a penalty for bounced checks, and if the tenant should provide a security deposit. If so, you will need to outline the amount of the security deposit.
It is also common within a commercial lease agreement to state what duties or maintenance the tenant must perform within the premises – especially if they are sharing the space with other tenants, or prospective tenants. If the tenant is to pay utilities, or a portion of utilities, this needs to be outlined within the contract as well. If any amenities are available for the tenant to use, or if there are appliances or furnishings that come with the property then you will have to write all that within the commercial lease form too.
If you have a property inspection report or blueprints of the property, then you may wish to enclose those with the agreement to the tenant.
Finally, it is common when writing a commercial lease that an exclusive use clause is inserted. This will allow the tenant protection from any competitors to their business from leasing within the property.
A lot of information to include, right? That’s why we have our commercial lease form checklist above – well, it’s basically a checklist. Rather than worrying about what is included and what isn’t included and what you may forget – you can use our simple, professional commercial lease form above to create a professional commercial lease contract, containing every single piece of information that is required within a commercial lease agreement.
To see a Commercial Lease Agreement blank template, simply click “Build my Agreement” above. If you haven’t entered any data it will still create a commercial lease for you, so you can see a blank template of what it looks like. It will generate a free commercial lease agreement for you, minus the information you are required to input.
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