Commercial Lease Contract
COMMERCIAL LEASE CONTRACT
This Commercial Lease Contract ("Contract"), effective as of [DATE], is executed by [Your Name] (the "Lessor") and [LESSEE'S NAME] (the "Lessee"). The Contract specifies the terms under which the Lessee agrees to rent commercial property located at [Property Address] from the Lessor, including details such as the duration of the lease, monthly rent, and permitted uses of the property.
1. Premises
The Lessor hereby leases to the Lessee and the Lessee rents from the Lessor the premises located at [PROPERTY ADDRESS], together with any personal property located thereon (collectively the "Premises").
2. Term
The initial term of this Lease begins on January 1, 2050, and ends on December 31, 2055. After this period, the Lease shifts to a month-to-month basis, allowing either the Lessor or the Lessee to terminate with at least 30 days written notice, ensuring flexibility for both parties while maintaining the agreed-upon terms of occupancy.
3. Rent
Commencing on January 1, 2050, the Lessee will pay to the Lessor a monthly rent of $5,000 on the first day of each month. This payment will be made under the terms outlined in this Contract and is due without demand at the address specified by the Lessor or through any other payment method mutually agreed upon by both parties. Late payments may incur additional fees as detailed further in this Contract.
4. Security Deposit
Upon signing this Lease, the Lessee shall provide the Lessor with a $10,000 security deposit. This deposit secures the Lessee's adherence to lease obligations. It will be held as per legal requirements, possibly accruing interest, and returned to the Lessee after the lease ends, minus any deductions for damages, unpaid rent, or necessary repairs, provided all conditions of the lease are met. Deductions, if any, will be detailed in writing to the Lessee.
5. Use of Premises
The Premises will be used for commercial purposes only. The Lessee will comply with all laws and rules affecting the Premises and conduct business in a reputable manner.
6. Repairs and Maintenance
The Lessee is responsible for maintaining the Premises and all contained equipment and appliances at their own expense, ensuring everything is kept in good condition. This includes routine cleaning and repairs, aimed at preserving the property’s condition as at lease start, except for normal wear and tear. The Lessee must promptly address any safety or structural concerns, while major repairs or structural issues fall to the Lessor unless stated otherwise. Immediate notification to the Lessor is required for significant damages or repair needs beyond regular upkeep.
7. Default
If the Lessee fails to comply with any of the material provisions of this Agreement, or if any execution or other writ or process of law shall be issued whereby the Premises may be seized, taken, appropriated, or applied by any creditor of the Lessee, the Lessor may terminate this Agreement upon providing written notice to the Lessee.
8. Governing Law
This Agreement will be governed by and construed under the laws of [JURISDICTION STATE].
IN WITNESS WHEREOF, the Lessor and Lessee have executed this Agreement as of the date first above written.
Name: [LESSOR]
Date signed:
Name: [LESSEE'S NAME]
Date signed:
