Commercial Lease Agreement

A Commercial Letting Agreement is a written agreement between a landlord and business tenant, where the tenant will let the property for commercial purposes in exchange for money paid to the landlord.

If you are a landlord and plan to lease your commercial property to a tenant to conduct business, you should have a written lease agreement with your tenant.

A commercial lease will cover certain legal issues such as:

1. names of the landlord and the tenant
2. identification of the premises being lease (eg. address, suite number, square footage of premises)
3. term of the lease (eg. 5 years)
4. renewal provisions to extend the term
5. start date of the term
6. early occupancy period (called a "fixturing period" to allow the tenant to perform any work before commencement of the lease)
7. landlord's work and tenant's work (eg. painting of place, installation of new lights, etc.)
8. amount of rent
9. who pays for additional expenses such as maintenance, utilities, repairs
10. permitted uses of the premises
11. insurance requirements
12. provisions regarding responsibilities in event of damage and destruction of the premises
13. rights of the landlord in the event the tenant defaults under the lease (eg. fails to pay rent)
14. rules and regulations
15. general legal provisions
16. any other issues of concern to the landlord or tenant