Commercial leasing is a critical part of the business structure that can have a huge impact on the business and its future growth or even survival. The strength of this agreement will have a wide-ranging impact on everything from insurance premiums to business expansion. The lease agreement between the landlord and the business as a tenant has to explicitly spell out all the terms and rental policies. It needs to have clauses to manage risk and future changes in such a way that it does not hurt either party.
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The type of agreement required may vary depending upon the property type, zoning restrictions and the business that is taking up tenancy. It can be office or retail space, a warehouse or a mixed-use property. The common aspects are regarding building maintenance, additional construction or modification, use of signage and hoardings, sublease permissions and breach of contract.
Businesses may require a non-compete clause to be inserted, which forbids the landlord form donating other properties in the same building or in close proximity to a competitor. There may also be a mutually agreed upon court or arbitrator specified in the agreement, in case dispute resolution is required.
Do you have additional questions regarding commercial leasing laws in your area? Our real estate attorneys are here to assist you throughout the process and answer any questions you may have. Contact a real estate lawyer near you today.
Did you know?
Eviction of a tenant for breach of contract requires a notice period.
Commercial leasing agreements can specify the notice period for a valid eviction due to non-payment of rent or other violations of the term so the lease. It can be as little as five to ten days, or even just three days.