Commercial Lease Agreement Format
COMMERCIAL LEASE AGREEMENT FORMAT
I. Parties
Landlord: [Your Name], a legal entity organized and existing under the laws of California, with its principal place of business located at [Your Company Address].
Tenant: Vogue Fashions Inc., a legal entity organized and existing under the laws of California, with its principal place of business located at 123 Fashion Ave, Los Angeles, CA 90001.
II. Property
By this agreement, it is hereby stated that the Landlord agrees and undertakes to lease out the property indicated below to the Tenant. Simultaneously, the Tenant agrees and undertakes to lease this specific property from the Landlord. This transaction concerns the property which is situated at 456 Commerce St, Los Angeles, CA 90002. Hereafter, in this document, this property will be referred to as "the Property".
III. Term
Commencement Date: The commencement date of the term for this Lease will be on the 1st day of March in the year 2050.
Duration: The initial term period of this Lease agreement, which is signed on the Commencement Date, is agreed to be a total duration of 5 (five) years. Therefore, given the agreed length of time, the Lease should end on February 28, 2055. However, this term may come to an end earlier if the conditions or provisions contained in this agreement allow or necessitate termination before reaching the specified end date.
IV. Rent
Amount: The Tenant has agreed to provide the Landlord a payment, referred to as rent, for the property they are leasing. The agreed-upon amount for this rent is the sum of $3,500 each month. This payment is expected to be given in advance, and the Tenant should ideally hand the sum to the Landlord on the 1st day of every month.
Payment Method: The rent for the premises should be paid by either an electronic funds transfer (EFT) or through a direct deposit method. These payments should be directly deposited into the bank account that has been specifically identified and designated by the Landlord. This bank account information will be provided to the Tenant by the Landlord in a written format.
V. Permitted Use
Intended Use: The Tenant is expected and obligated to utilize the designated property exclusively for the purpose of a retail operation. Specifically, the Tenant will conduct operations of a clothing boutique on the premises. The property cannot be used for any other purpose or function unless there is explicit consent from the Landlord.
Compliance: The Tenant is required to adhere strictly to all applicable laws, regulations, ordinances, and rules related to their utilization of the property.
VI. Maintenance and Repairs
Tenant's Obligations: The Tenant is obligated to ensure the maintenance of the property in good condition and make necessary repairs promptly at their own expense. This includes fixing any damages and ensuring the replacement of anything that might be broken or worn out. However, the Tenant is not required to cover damages that naturally occur due to normal use of the property over time, commonly referred to as 'ordinary wear and tear.'
Landlord's Obligations: The Landlord shall accept responsibility and take necessary action to preserve and maintain the structural stability and integrity of the Property. They are expected to perform and complete any repairs, renovations, or rectification needed to the Property, as required and enforced by the laws and regulations of the land.
VII. Utilities
Payment: During the duration of this Lease agreement, it shall be the responsibility of the Tenant to ensure payment for all utilities and services utilized on the Property. This includes but is not limited to, the consumption of water, electricity, gas, and telecommunications services. The Tenant's obligation to discharge these financial responsibilities is integral to fulfilling the terms of this Lease agreement.
VIII. Insurance
Tenant's Insurance: The Tenant is obligated to secure and continually uphold, at their expense, commercial general liability insurance. This insurance policy must carry a minimum coverage amount of $1,000,000. Furthermore, the Tenant must designate the Landlord as an additional insured under this policy.
Landlord's Insurance: The Landlord is obliged to secure and consistently maintain an insurance policy related to the Property. This policy should provide comprehensive coverage for the Property, protecting it from potential losses or damages, including fire outbreaks and other casualties.
IX. Assignment and Subletting
Restrictions: The Tenant is required not to assign, sublet, or otherwise transfer their interest and rights in this Lease agreement without first obtaining the Landlord's written approval. Such consent from the Landlord should not be unreasonably withheld or delayed.
X. Default
Events of Default: The following events will be considered as constituting a default or breach under the terms of this Lease:
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Failure to pay rent when due,
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Breach of any material term or provision of this Lease,
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Abandonment of the Property, or
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Filing of bankruptcy or insolvency proceedings by the Tenant.
Remedies: In the event of default, the Landlord may seek any legal remedies available, including but not limited to, terminating the Lease or seeking eviction of the Tenant from the Property.
XI. Indemnification
Tenant's Indemnity: The Tenant shall be responsible for, provide a legal defense for, and ensure the Landlord is not adversely affected financially by any situation arising directly or indirectly from the Tenant's use or occupancy of the Property. This includes any claims, damages, liabilities, or costs incurred due to the Tenant's use or occupancy of the Property.
Landlord's Indemnity: The Landlord will indemnify, defend, and ensure the Tenant is not held liable for any lawsuits, obligations, damages, losses, costs, or fees arising from the Landlord's negligence or intentional misconduct.
XII. Miscellaneous
Notices: All notices or communications required under this Lease must be in writing and can be delivered personally or sent via certified mail with prepaid postage. The addresses provided in this Lease will be used for mailing these notices or communications.
Governing Law: This Lease shall be governed by and construed in accordance with the laws of California.
Entire Agreement: This Lease constitutes the entire agreement between the parties and supersedes all previous agreements and understandings related to the subject matter. It takes precedence over any prior verbal or written agreements.
IN WITNESS WHEREOF, the parties hereto have executed this Lease as of the date first above written.
[Your Name]
March 1, 2050
Vogue Fashions Inc.
March 1, 2050
