Tips in Creating a Commercial Lease Agreement Template
Commercial lease agreement can be defined as a formal document made between a tenant and a landlord for renting business property. Therefore, it is very important to be able to make this kind of agreement. If you have never written it before, let’s see this commercial lease agreement template.
How to Write a Commercial Lease Agreement Template
If you want to write a commercial agreement template, you have to know the elements that must be included in it. In fact, this kind of agreement requires some basic elements. Let’s discuss about these elements one by one clearly and in detail.
The first element that you have to include in this commercial lease agreement is the landlord. Landlord is the party that rents out the commercial property for some money. For some people, landlord can also be called as lessor. So, you have to include the landlord or lessor’s name & contact details.
Besides the landlord or lessor, you also need to include the tenant. Tenant is the party that operates a business & pay for the property leased. For some people, they also call tenant as lessee. Therefore, you must provide the tenant or lessee’s name & contact details in this agreement.
Then, this agreement should include terms, too. Term is the number of month or year that the space will be needed. It may range from the start & end date, period of time in weeks, months or years, periodic tenancy, or automatic renewal that continues to renew until one party sends a notice to end the lease.
Next, commercial lease agreement form also requires you to include the demised premise. It is the space rented by the tenant such as a store in a mall. It includes a property map with the details of the size & whether the tenant should access to services such as landscaping, security, cleaning, parking, etc.
The next element to be included is the real property. It relates to all property owned by a landlord such as a shopping mall. It may include the shared common areas like walkways & parking lots which will be used by the other tenants.
You also need to include the base rent. It is the starting cost to lease the space on an annual basis or monthly. Then, operating costs should be included in the agreement, too. All costs must be added including the taxes, collective costs, etc.
What to include next in this agreement is security deposit. In addition, you cannot forget including the details of occupancy and property use. Both parties must describe what is & is not allowed in the space rented clearly like smoking, dumping garbage, and doing other activities.
The last element you should consider is improvements. If the tenant plans to operate a business which requires improvements in the demised premises, all parties must clarify who will be responsible for paying & overseeing the project. It should be described in the commercial lease agreement template.
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