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strongly recommended that you seek the advice of a lawyer for information about
the validity and the consequences of any changes you have made to this document.
REAL ESTATE LEASE
This Lease Agreement (this
"Lease") is dated October 29, 2008, by and between
___________________________________ ("Landlord"), and
___________________________________ ("Tenant").
The parties agree as follows:
PREMISES.
Landlord, in consideration of the lease payments provided in this Lease,
leases to Tenant _____________________________________________ (the "Premises")
located at ___________________________________, _________________________, ___
__________.
LEGAL DESCRIPTION.
The legal description for the premises is:
_____________________________________________
TERM.
The lease term will begin on __________________ and will terminate on
__________________.
LEASE PAYMENTS.
Tenant shall pay to Landlord monthly installments of $0.00, payable in
advance on the first day of each month, for a total lease payment of $0.00.
Lease payments shall be made to the Landlord at
___________________________________, _________________________, ___ __________,
which address may be changed from time to time by the Landlord.
SECURITY DEPOSIT.
At the time of the signing of this Lease, Tenant shall pay to Landlord,
in trust, a security deposit of $0.00 to be held and disbursed for Tenant
damages to the Premises (if any) as provided by law.
POSSESSION.
Tenant shall be entitled to possession on the first day of the term of
this Lease, and shall yield possession to Landlord on the last day of the term
of this Lease, unless otherwise agreed by both parties in writing.
At the expiration of the term, Tenant shall remove its goods and effects
and peaceably yield up the Premises to Landlord in as good a condition as when
delivered to Tenant, ordinary wear and tear excepted.
FURNISHINGS.
The following furnishings will be provided:
_____________________________________________
Tenant shall return all such items at the end of the lease term in a
condition as good as the condition at the beginning of the lease term, except
for such deterioration that might result from normal use of the furnishings.
PARKING.
Tenant shall be entitled to use __________ parking space(s) for the
parking of the Tenant's customers'/guests' motor vehicle(s).
STORAGE.
Tenant shall be entitled to store items of personal property in
_____________________________________________ during the term of this Lease.
Landlord shall not be liable for loss of, or damage to, such stored
items.
PROPERTY INSURANCE.
Landlord and Tenant shall each maintain appropriate insurance for their
respective interests in the Premises and property located on the Premises.
Landlord shall be named as an additional insured in such policies.
Tenant shall deliver appropriate evidence to Landlord as proof that
adequate insurance is in force issued by companies reasonably satisfactory to
Landlord. Landlord shall receive
advance written notice from the insurer prior to any termination of such
insurance policies. Tenant shall
also maintain any other insurance which Landlord may reasonably require for the
protection of Landlord's interest in the Premises.
Tenant is responsible for maintaining casualty insurance on its own
property.
LIABILITY INSURANCE.
Tenant shall maintain liability insurance on the Premises in a total
aggregate sum of at least $0.00.
Tenant shall deliver appropriate evidence to Landlord as proof that adequate
insurance is in force issued by companies reasonably satisfactory to Landlord.
Landlord shall receive advance written notice from the insurer prior to
any termination of such insurance policies.
RENEWAL TERMS.
This Lease shall automatically renew for an additional period of
________________________ per renewal term, unless either party gives written
notice of termination no later than ______________ days prior to the end of the
term or renewal term. The lease
terms during any such renewal term shall be the same as those contained in this
Lease except that the lease installment payments shall be $0.00 per
______________.
MAINTENANCE.
Landlord shall have the
responsibility to maintain the Premises in good repair at all times.
UTILITIES AND SERVICES.
Tenant shall be responsible
for all utilities and services incurred in connection with the Premises.
TAXES.
Taxes attributable to the Premises or the use of the Premises shall be
allocated as follows:
REAL ESTATE TAXES.
Landlord shall pay all real estate taxes and assessments for the
Premises.
PERSONAL TAXES.
Landlord shall pay all personal taxes and any other charges which may be
levied against the Premises and which are attributable to Tenant's use of the
Premises, along with all sales and/or use taxes (if any) that may be due in
connection with lease payments.
TERMINATION UPON SALE OF
PREMISES.
Notwithstanding any other provision of this Lease, Landlord may terminate
this lease upon ______________ days' written notice to Tenant that the Premises
have been sold.
DESTRUCTION OR
CONDEMNATION OF PREMISES.
If the Premises are partially destroyed by fire or other casualty to an
extent that prevents the conducting of Tenant's use of the Premises in a normal
manner, and if the damage is reasonably repairable within sixty days after the
occurrence of the destruction, and if the cost of repair is less than $0.00,
Landlord shall repair the Premises and a just proportion of the lease payments
shall abate during the period of the repair according to the extent to which the
Premises have been rendered untenantable.
However, if the damage is not repairable within sixty days, or if the
cost of repair is $0.00 or more, or if Landlord is prevented from repairing the
damage by forces beyond Landlord's control, or if the property is condemned,
this Lease shall terminate upon twenty days' written notice of such event or
condition by either party and any unearned rent paid in advance by Tenant shall
be apportioned and refunded to it.
Tenant shall give Landlord immediate notice of any damage to the Premises.
DEFAULTS.
Tenant shall be in default of this Lease if Tenant fails to fulfill any
lease obligation or term by which Tenant is bound.
Subject to any governing provisions of law to the contrary, if Tenant
fails to cure any financial obligation within 5 days (or any other obligation
within 10 days) after written notice of such default is provided by Landlord to
Tenant, Landlord may take possession of the Premises without further notice (to
the extent permitted by law), and without prejudicing Landlord's rights to
damages. In the alternative,
Landlord may elect to cure any default and the cost of such action shall be
added to Tenant's financial obligations under this Lease.
Tenant shall pay all costs, damages, and expenses (including reasonable
attorney fees and expenses) suffered by Landlord by reason of Tenant's defaults.
All sums of money or charges required to be paid by Tenant under this
Lease shall be additional rent, whether or not such sums or charges are
designated as "additional rent". The rights provided by this paragraph are
cumulative in nature and are in addition to any other rights afforded by law.
LATE PAYMENTS.
For any payment that is not paid within ___ days after its due date,
Tenant shall pay a late fee of $0.00.
HOLDOVER.
If Tenant maintains possession of the Premises for any period after the
termination of this Lease ("Holdover Period"), Tenant shall pay to Landlord
lease payment(s) during the Holdover Period at a rate equal to the normal
payment rate set forth in the Renewal Terms paragraph.
CUMULATIVE RIGHTS.
The rights of the parties under this Lease are cumulative, and shall not
be construed as exclusive unless otherwise required by law.
NON-SUFFICIENT FUNDS.
Tenant shall be charged $0.00 for each check that is returned to Landlord
for lack of sufficient funds.
NOTICE.
Notices under this Lease shall not be deemed valid unless given or served
in writing and forwarded by mail, postage prepaid, addressed as follows:
LANDLORD:
___________________________________
___________________________________
_________________________, ___
___________
TENANT:
___________________________________
___________________________________
_________________________, ___
__________
Such addresses may be
changed from time to time by either party by providing notice as set forth
above. Notices mailed in accordance
with the above provisions shall be deemed received on the third day after
posting.
GOVERNING LAW.
This Lease shall be construed in accordance with the laws of the State of
Wyoming.
ENTIRE
AGREEMENT/AMENDMENT.
This Lease Agreement contains the entire agreement of the parties and
there are no other promises, conditions, understandings or other agreements,
whether oral or written, relating to the subject matter of this Lease.
This Lease may be modified or amended in writing, if the writing is
signed by the party obligated under the amendment.
SEVERABILITY.
If any portion of this Lease shall be held to be invalid or unenforceable
for any reason, the remaining provisions shall continue to be valid and
enforceable. If a court finds that
any provision of this Lease is invalid or unenforceable, but that by limiting
such provision, it would become valid and enforceable, then such provision shall
be deemed to be written, construed, and enforced as so limited.
WAIVER.
The failure of either party to enforce any provisions of this Lease shall
not be construed as a waiver or limitation of that party's right to subsequently
enforce and compel strict compliance with every provision of this Lease.
BINDING EFFECT.
The provisions of this Lease shall be binding upon and inure to the
benefit of both parties and their respective legal representatives, successors
and assigns.
LANDLORD:
____________________________________________________
Date: __________________
___________________________________
TENANT:
____________________________________________________
Date: __________________
___________________________________
Final Checklist for Commercial Real Estate Lease
Property Address:
___________________________________
_________________________, ___
__________
October 29, 2008
Make It Legal
_____
The Commercial Real Estate Lease should be signed by
___________________________________
_____
The Commercial Real Estate Lease should also be signed by
___________________________________
_____
Some states require that if a Lease exceeds a
specified number of years, it must be recorded in the public records, which, in
turn, usually requires that the document be notarized.
If the original term of the Lease will extend beyond one year, you should
review the specific requirements of the governing state with respect to
notarizing and/or recording the Lease.
Copies
Give a signed copy of the
Lease to:
_____
___________________________________
_____
___________________________________
When to Consult a Lawyer
*
State laws vary on the amount that may be charged as a late payment fee.
Consult an attorney to determine whether limits apply in your state.
*
Consult an attorney to determine whether the laws of your state limit the
amount that may be charged for checks returned due to non-sufficient funds.
Reasons to Update
*
Current lease is expiring and property will be re-leased.
*
Change in circumstances of either Landlord or Tenant which requires
changes in lease, mutually agreed upon by both parties.