Commercial Property Lease Agreement Template Free

Commercial Property Lease Agreement Template Free – A commercial lease is a legal document that obligates the lessee and the lessee to rent a business premises. Unlike residential space, which is used for living, commercial space is designed to provide products and services.

Triple-Net (NNN) Lease Agreement – The tenant pays a base amount of rent plus their pro rata share of the property’s expenses.

Commercial Property Lease Agreement Template Free

Commercial Property Lease Agreement Template Free

Booth (Salon) Lease Agreement – The tenant pays the business owner, usually a salon, to use the booth or area for hair cutting/coloring, massage, makeup or nails.

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Cabin (massage room) rental agreement – for a therapist who wants to rent a room or share space in a spa.

Coworking Space Agreement – Mainly for a shared office space between multiple tenants who work in shared and dedicated space.

Gross Lease – The tenant pays only the monthly rental amount and is not responsible for the cost of the property.

Modified Gross Lease Agreement – The tenant pays only the monthly rental amount and is responsible for some of the expenses of the property.

Sample Basic Commercial Lease Agreement

A month-to-month lease is a type of lease that can be canceled at any time with 30 days notice.

Percentage (%) Leasehold Agreement – Where the lessee pays rent based on a percentage of his sales.

A sublease is between the current tenant and someone else (the sublet) who agrees to rent the same space.

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Commercial space is described as available square footage (SF). The owner can find this out by measuring the length and width of the interior space.

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Unlike residential real estate, which is calculated as a monthly fee, commercial space fees are usually calculated as a price per square foot ($/SF) that is paid over a 1-year period.

If the rent is $18/SF for a 1,000 square foot space, the tenant will owe $18,000 in 1 year with $1,500 monthly payments.

Depending on the property, the landlord may pay the tenant their pro rata share of the property costs. This includes insurance, taxes and Common Area Maintenance (CAM) related to the property.

The tenant’s share of the property costs must be taken into account when the property is sold. This is usually achieved by mentioning the previous year’s expenses.

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At this time, the owner decides whether to sell the property himself or hire a real estate broker.

Average commission percentage (%) – The broker is paid based on the total rental amount multiplied by the commission percentage. There is no such thing as an “average” commission rate, and its establishment is prohibited by federal law [1] [2].

However, the owner can expect to pay commissions of 4-6% for the first 5 years and 1-3% for each year thereafter [3].

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For example, if a tenant agrees to rent a property with an annual rent of $50,000 for 5 years ($250,000 in total), the landlord must pay $12,500, subject to a 5% commission rate.

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Regardless of whether the owner has hired a real estate broker, the property must be listed online on all of the following sites:

Depending on the tenant, the owner may be asked to build an individual property building. This is often in exchange for higher rent.

A commercial lease Letter of Intent (LOI) must be executed after the landlord and tenant have verbally agreed to the terms (subject to a credit check).

Unless the landlord is dealing with a national brand, a credit check should be done to understand the tenant’s financial standing. The tenant must complete a commercial lease application.

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It is time for the landlord to approve or reject the tenant. If approved, the commercial lease must be in writing. In case of rejection, the lessee must be informed about the lessee’s rejection letter.

In general, for a new business, if the tenant applying does not have sufficient credit, the landlord may require an additional person to “co-sign” the lease as a personal guarantee.

Make sure to gather all the information about the property and the tenant and sign the agreement. Upon completion, the tenant and the landlord must sign.

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After signing the lease, the tenant can move in on the 1st day of the lease (unless otherwise agreed). The tenant is required to maintain the property in accordance with the lease agreement and pay monthly rent.

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This is often required by local authorities before a tenant can operate a business. For example, if a tenant sells food, permits must usually be obtained and reviewed prior to the grand opening.

The Americans with Disabilities Act – also known as “ADA” requires that any commercial tenant that offers a “public accommodation” (such as a restaurant, business, etc.) rules of access for people with disabilities. Rules. This rule only applies to properties that have not been built or renovated since 1992.[4]

According to 42 USC § 12183, if the tenant uses the premises as a public accommodation (eg, restaurants, shopping centers, office buildings) or employs more than 15 employees, the premises must provide the same or similar accommodations and access for people with disabilities. to what is available to the general public. Owners, operators, landlords, and tenants of commercial real estate are responsible for ADA compliance. If the premises do not comply with the Americans with Disabilities Act, any alterations or constructions are the responsibility of the owner.

Hazardous Waste – Makes the tenant sign in writing that they will follow all federal, state or local laws regarding the disposal of hazardous waste [5].

Commercial Lease Template

Means any federal, state or local laws, regulations, rules, decrees, orders, judgments or court decisions relating to hazardous substances, hazardous materials, hazardous wastes, toxic substances, environmental conditions on, under or around the premises, the building, or property, or Soil and groundwater conditions, including, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), the Resource Conservation and Recovery Act (RCRA), the Hazardous Materials Act, the Act of Transportation , any other law or legal requirement regarding hazardous or toxic substances, and any changes to the foregoing. Sample

3. BEGINNING OF THE TERM. The term of this Agreement is the period of [RENTAL DURATION] beginning on [BEGIN DATE] and ending at midnight on [END DATE] (the “Commencement Period”).

☐ – No recovery possible. This Agreement may only be extended as an amendment to this Agreement or in a separate agreement.

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☐ – Expansion option(s). Tenant has the option(s) to renew this Agreement under the following terms: [DESCRIPTIVE RENEWAL OPTION(S)]

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☐ – No deposit required. The lessee is not required to make a deposit (“security deposit”) for the successful performance of this agreement.

☐ – A deposit is required. Tenant requires a payment of $ [SECURITY DEPOSIT MONTH] to be paid prior to the Effective Date or upon signing this Agreement (“Security Deposit”), whichever is earlier. The security deposit is held by the seller in a separate bank account as a guarantee for successful fulfillment of the terms of this agreement. The security deposit cannot be used to pay the last month’s rent unless the landlord gives written permission.

☐ – rent increase. Tenant shall pay rent for the initial term in accordance with the following: [DESCRIPTIVE RENTAL PERIODS]

☐ – Percentage (%) rent. Tenants pay [#]% of [TYPE OF SALES] (gross sales, net sales, etc.). Such payment must be made with a receipt and proof of settlement and paid by each: (check one)

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Herein known as “Interest Rent”. The base rent and the interest rent are collectively referred to as “Rent”.

☐ – No delay. Tenant is not liable for late payment penalties under this Agreement.

☐ – Late fee. If the rent is not paid within [#] days after the due date, the landlord will pay: (Check one)

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☐ – percentage based. Late fees are charged on unpaid rent and accrue interest at the rate of [#]% per annum until paid in full.

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Any late payments related to the rent must first be applied to the late fee and any other amount to unpaid rent.

☐ – All goals. Tenant may use the Premises for any purpose lawful under state and local law.

Any changes in the above purposes of the premises are permitted only with the prior written consent of the seller.

10. PART OF PROPERTY COSTS. The parties agree to pay the following costs related to the premises:

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☐ – No leasehold improvements are allowed. The tenant is prohibited from making improvements to the rental property without written permission from the landlord.

☐ – Leasehold improvements allowed. The tenant is allowed to improve the rental property without the written consent of the landlord.

In witness whereof, the parties have confirmed their consent to the terms of this Agreement by their signatures on the dates indicated.

Commercial Property Lease Agreement Template Free

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Free Arkansas Commercial Lease Agreement Template

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