Term Sheet for Commercial Lease Agreement

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I. Introduction

Parties Involved:

• Landlord's Name: [Your Company Name]

• Tenant's Name: [Tenant's Name]

Property Description:

• Address: [Property Address]

• Type of Property: Office Space

• Size/Area: 5,000 square feet

Purpose of Agreement: The purpose of this commercial lease agreement is to establish the terms and conditions under which the Tenant will lease the Property from the Landlord for commercial purposes. This agreement aims to provide clarity and mutual understanding between the parties regarding their rights, obligations, and responsibilities throughout the lease term.

II. Lease Terms

1. Lease Duration:

   • Commencement Date: January 1, 2050

   • Termination Date: December 31, 2060

   • Renewal Option: Yes, with a mutually agreed upon rent adjustment.

2. Rent and Payment Terms:

   • Monthly Rent: $5,000

   • Payment Schedule: Monthly

   • Security Deposit: $10,000

3. Additional Costs:

   • Utilities: Excluded

   • Maintenance Fees: The Landlord is responsible for structural maintenance, and the Tenant is responsible for interior maintenance.

   • Taxes: Tenant responsible for property taxes.

III. Property Use and Maintenance

1. Permitted Use:

   • The Tenant shall use the leased premises solely for general office purposes.

2. Maintenance Responsibilities:

   • Landlord's Responsibilities: Structural repairs and maintenance.

   • Tenant's Responsibilities: Interior repairs, cleaning, and maintenance.

3. Alterations and Improvements:

   • The tenant may make alterations or improvements to the property with prior written consent from the Landlord.

IV. Insurance and Indemnification

1. Insurance Requirements:

   • Landlord's Insurance: Property and liability insurance.

   • Tenant's Insurance: General liability insurance with [Your Company Name] named as additional insured.

2. Indemnification:

   • Each party agrees to indemnify and hold harmless the other party from any claims, damages, or liabilities arising from their actions or negligence.

V. Termination and Default

1. Termination Clause:

   • Either party may terminate this lease agreement with 90 days written notice to the other party.

2. Default and Remedies:

   • In the event of default by either party, the non-defaulting party shall have the right to terminate the lease and seek damages.

VI. Miscellaneous

1. Governing Law:

   • This agreement shall be governed by the laws of the State of [Your State].

2. Entire Agreement:

   • This term sheet constitutes the entire agreement between the parties and supersedes all prior agreements and understandings.

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