GENERAL LEASE AGREEMENT

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LEASE (GENERAL, COMMERCIAL)

Commercial & Retail  Lease Agreement includes Lease (Commercial, General) which is a general commercial lease that can be adapted to most uses. Suitable for most general commercial properties.

Understanding a Commercial Lease. … A lease is a legally binding contract that gives you certain rights to a property for a set term. A commercial lease is used when leasing property used primarily for a business. You should never sign a lease without understanding all of its terms and conditions.

agency agreement appointment of a purchasing agent

 GENERAL COMMERCIAL LEASE AGREEMENT

Commercial Lease is the legal document which sets out the rights and responsibilities of both landlord and tenant of a commercial premises.
There are two kinds of Commercial Leases:-
  • 1. Retail Commercial Lease:  wherever goods or services are being  sold to the public from the premises, and;
  • 2. Non-Retail Commercial Lease:  wherever the premises will not be used to sell goods or services to the public, but will still be used for business purposes (e.g. offices, warehouses).

 

Our Lease (Commercial, General) is 54 pages long and includes:-

 

  • Part 1   Definintion & Interpretation
  • Part 2   Rent and Outgoing
  • Part 3   Abatement
  • Part 4   Resumption & Easements
  • Part 5   Use of Premises
  • Part 6   Assignment
  • Part 7   Maintenance, Repart, Alteration
  • Part 8   Environmental Clauses
  • Part 9   Airconditions, Fire equipments, Lifts and Escalators
  • Part 10  Electricity and other services
  • Part 11   Option to Renew 
  • Part 12     Insurance Requirements
  • Part 13     Indemnities
  • Part 14     Attorney
  • Part 15     Quiet Enjoyment & Holding Over
  • Part 16    Default and Termination
  • Part 17    Common Areas
  • Part 18    Miscellaneous
  • Part 19    Guarantors
  • Part 20   Bank Guarantee
  • Part 21    Execution and Registration
  • Part 22   Mortgage Consent
  • Part 23   Trusts

A general commercial lease agreement is a legally binding contract between a landlord (lessor) and a business tenant (lessee) that outlines the terms and conditions for renting commercial property. This type of lease is used for various types of commercial spaces, such as office buildings, retail stores, warehouses, and industrial spaces. Key elements typically included in a general commercial lease agreement are:

  1. Lease Duration: Specifies the length of the lease term, including start and end dates.
  2. Rent Payment: Details the amount of rent, payment schedule, and any additional costs such as utilities, maintenance fees, and property taxes.
  3. Security Deposit: Indicates the amount of the security deposit and conditions for its return.
  4. Permitted Use: Defines the allowed uses of the property and any restrictions on business activities.
  5. Maintenance and Repairs: Outlines the responsibilities of the landlord and tenant for property upkeep, repairs, and maintenance.
  6. Alterations and Improvements: Specifies whether the tenant is allowed to make modifications to the property and under what conditions.
  7. Insurance Requirements: Details the types and amounts of insurance coverage required for both the landlord and tenant.
  8. Default and Termination: Describes the conditions under which the lease can be terminated by either party, including what constitutes a default and the remedies available.
  9. Renewal Options: Provides information on the options for renewing the lease at the end of the term.
  10. Subleasing and Assignment: Indicates whether the tenant is allowed to sublease the property or assign the lease to another party and under what conditions.

This agreement serves to protect the rights and interests of both the landlord and the tenant by clearly defining their obligations and expectations throughout the lease term.

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