Free Lease Contract Agreement Template
Lease Contract Agreement
I. Introduction
This Lease Contract Agreement (“Agreement”) is entered into on this 1st day of March, 2050, by and between:
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[Your Company Name], a corporation registered under the laws of the State of Michigan, with its principal office located at [Your Company Address], represented by [Your Name], Managing Director ("Lessor").
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MultiCorp, a corporation registered under the laws of the State of Michigan, with its principal office located at Detroit, MI 48201, represented by Clint Renner, CEO ("Lessee").
The parties hereby agree as follows:
II. Property Description and Lease Terms
1. Property Description
The Lessor agrees to lease to the Lessee the following property:
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Property Type: Commercial warehouse space
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Location: 5678 Industrial Drive, Detroit, MI 48201
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Size and Dimensions: 10,000 square feet of warehouse space, including storage areas, loading docks, and office space.
2. Lease Period
The lease term shall commence on 1st March, 2050, and continue for a period of 24 months, expiring on 1st March, 2052. Upon the expiration of the lease term, the lease may be renewed by mutual agreement between the Lessor and Lessee, subject to the terms outlined herein.
3. Rental Payments
Lessee agrees to pay Lessor rent in the amount of $15,000 per month for the leased property. Rent shall be payable on the 1st of each month, beginning on 1st March, 2050, with the first payment of $15,000 due immediately upon execution of this Agreement.
The monthly rent includes:
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Property taxes
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Routine maintenance of the property
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Access to the parking area
Rent payments should be made via wire transfer or another mutually agreed-upon payment method. Payment details will be provided separately.
4. Late Payment
If the Lessee fails to make a payment within 5 days of the due date, a late fee of 5% of the overdue amount will be charged for each month the payment is delayed.
III. Rights and Responsibilities of the Parties
1. Rights and Responsibilities of Lessor
The Lessor agrees to:
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Provide the Lessee with quiet enjoyment of the leased property throughout the lease term.
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Ensure that the property is in habitable and good condition at the time of delivery.
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Maintain and repair the structural components of the property, including the roof, foundation, and exterior walls.
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Ensure that the essential utilities (water, electricity, heating, and air conditioning) are operational at the start of the lease term.
2. Rights and Responsibilities of Lessee
The Lessee agrees to:
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Use the property for warehouse and distribution operations, including storing goods and fulfilling orders.
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Maintain the leased property in a clean, safe, and usable condition throughout the lease term.
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Refrain from making alterations or improvements to the property without the prior written consent of the Lessor.
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Promptly notify the Lessor of any damage, malfunction, or need for repair to the property.
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Maintain insurance covering the property and any equipment stored within the leased premises.
IV. Security Deposit
1. Amount and Purpose
Lessee shall pay a security deposit of $30,000 upon execution of this Agreement. The security deposit is intended to cover any unpaid rent, damages to the property, or other liabilities incurred during the lease term.
2. Return of Deposit
Upon termination or expiration of this Agreement, the Lessor shall inspect the property and return the security deposit to the Lessee within 30 days, minus any deductions for damages or unpaid rent. If no deductions are made, the full deposit will be refunded.
V. Maintenance and Repairs
1. Maintenance Obligations of Lessor
The Lessor is responsible for:
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Building structural maintenance and repairs (roof, walls, foundation, etc.).
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Ensuring plumbing, electrical, and HVAC systems work at lease start.
2. Maintenance Obligations of Lessee
The Lessee is responsible for:
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Maintaining the property's interior, including floors, walls, and fixtures.
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Performing regular cleaning and upkeep of the property.
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Promptly reporting any damages to the Lessor.
3. Alterations
Lessee may not make any alterations or improvements to the property without the written consent of the Lessor. If alterations are approved, Lessee agrees to restore the property to its original condition upon termination of the lease unless otherwise agreed.
VI. Use of Property
1. Permitted Use
The Lessee may use the leased property exclusively for the purpose of warehouse and distribution activities, including the storage of inventory, shipment of goods, and related business operations. The property may not be used for any illegal or unauthorized activities.
2. Subleasing
Lessee may not sublease or assign the lease or any portion of the property to any third party without the prior written consent of the Lessor.
VII. Termination and Renewal
1. Termination by Lessor
The Lessor may terminate this Agreement with 30 days' written notice to the Lessee in the event of:
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Non-payment of rent or failure to comply with the terms of this Agreement.
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Any illegal or prohibited use of the leased property by the Lessee.
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Damage to the property caused by the Lessee.
2. Termination by Lessee
The Lessee may terminate this Agreement with 30 days' written notice if the Lessor fails to fulfill their obligations, including not maintaining the property or providing necessary repairs.
3. Renewal
Upon the expiration of the initial lease term, the Lessee may request to renew the lease. Renewal terms, including rent and other conditions, will be subject to negotiation and mutual agreement between the parties.
VIII. Insurance
Lessee is responsible for obtaining and maintaining comprehensive property and liability insurance coverage for the leased property and any assets stored within the premises. The Lessor shall not be held liable for any damage, theft, or loss of property belonging to the Lessee.
IX. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Michigan. Any disputes arising under or in connection with this Agreement shall be resolved in the courts located in Detroit, Michigan.
X. Miscellaneous Provisions
1. Entire Agreement
This Agreement constitutes the entire understanding between the parties and supersedes all prior discussions, negotiations, and agreements related to the lease of the property.
2. Force Majeure
Neither party shall be held responsible for failure or delay in performance due to events beyond their reasonable control, including but not limited to natural disasters, war, strikes, or government actions.
XI. Signatures
IN WITNESS WHEREOF, the parties have executed this Agreement as of the 1st day of March, 2050.
[Your Company Name]
[Your Name], Managing Director
Date: 1st March, 2050
MultiCorp
Clint Renner, CEO
Date: 1st March, 2050
For any inquiries, please contact [Your Name] at [Your Email] or reach out to [Your Company Name] at [Your Company Email].
