COMMERCIAL LEASE AGREEMENT THIS LEASE AGREEMENT is made and entered into DATE by and between NAME whose address is ADDRESS hereinafter referred to as Landlord and NAME whose address is ADDRESS hereinafter referred to as Tenant ARTICLE I GRANT OF LEASE Landlord in consideration of the rents to be paid and the covenants and agreements to be performed and observed by the Tenant does hereby lease to the Tenant and the Tenant does hereby lease and take from the Landlord the property described in Exhibit A attached hereto and by reference made a part hereof the Leased Premises together with as part of the parcel all improvements located thereon ARTICLE II LEASE TERM Section l Total Term of Lease The term of this Lease shall begin on the commencement date as defined in Section 2 of this Article II and shall terminate on DATE Section 2 Commencement Date The Commencement Date shall mean the date on which the Tenant shall commence to conduct business on the Leased Premised so long as such date is not in excess of sixty 60 days subsequent to execution hereof ARTICLE III EXTENSIONS The parties hereto may elect to extend this Agreement upon such terms and conditions as may be agreed upon in writing and signed by the parties at the time of any such extension ARTICLE IV DETERMINATION OF RENT The Tenant agrees to pay the Landlord and the Landlord agrees to accept during the term hereof at such place as the Landlord shall from time to time direct by notice to the Tenant rent at the following rates and times Section 1 Annual Rent Annual rent for the term of the Lease shall be AMOUNT Dollars plus applicable sales tax Section 2 Payment of Yearly Rent The annual rent shall be payable in advance in equal monthly installments of one twelfth 1 12th of the total yearly rent which shall be AMOUNT Dollars on the first day of each and every calendar month during the term hereof and prorata for the fractional portion of any month except that on the first day of the calendar month immediately following the Commencement Date the Tenant shall also pay to the Landlord rent at the said rate for any portion of the preceding calendar month included in the term of this Lease Reference to yearly rent hereunder shall not be implied or construed to the effect that this Lease or the obligation to pay rent hereunder is from year to year or for any term shorter than the existing Lease term plus any extensions as may be agreed upon A late fee in the amount of AMOUNT Dollars shall be assessed if payment is not postmarked or received by Landlord on or before the tenth day of each month ARTICLE V SECURITY DEPOSIT The Tenant has deposited with the Landlord the sum of AMOUNT Dollars as security for the full and faithful performance by the Tenant of all the terms of this lease required to be performed by the Tenant Such sum shall be returned to the Tenant after the expiration of this lease provided the Tenant has fully and faithfully carried out all of its terms In the event of a bona fide sale of the property of which the leased premises are a part the Landlord shall have the right to transfer the security to the purchaser to be held under the terms of this lease and the Landlord shall be released from all liability for the return of such security to the Tenant ARTICLE VI TAXES Section l Personal Property Taxes The Tenant shall be liable for all taxes levied against any leasehold interest of the Tenant or personal property and trade fixtures owned or placed by the Tenant in the Leased Premises Section 2 Real Estate Taxes During the continuance of this lease Landlord shall deliver to Tenant a copy of any real estate taxes and assessments against the Leased Property From and after the Commencement Date the Tenant shall pay to Landlord not later than twenty one 21 days after the day on which the same may become initially due all real estate taxes and assessments applicable to the Leased Premises together with any interest and penalties lawfully imposed thereon as a result of Tenant s late payment thereof which shall be levied upon the Leased Premises during the term of this Lease Section 3 Contest of Taxes The Tenant at its own cost and expense may if it shall in good faith so desire contest by appropriate proceedings the amount of any personal or real property tax The Tenant may if it shall so desire endeavor at any time or times by appropriate proceedings to obtain a reduction in the assessed valuation of the Leased Premises for tax purposes In any such event if the Landlord agrees at the request of the Tenant to join with the Tenant at Tenant s expense in said proceedings and the Landlord agrees to sign and deliver such papers and instruments as may be necessary to prosecute such proceedings the Tenant shall have the right to contest the amount of any such tax and the Tenant shall have the right to withhold payment of any such tax if the statute under which the Tenant is contesting such tax so permits Section 4 Payment of Ordinary Assessments The Tenant shall pay all assessments ordinary and extraordinary attributable to or against the Leased Premises not later than twenty one 21 days after the day on which the same became initially due The Tenant may take the benefit of any law allowing assessments to be paid in installments and in such event the Tenant shall only be liable for such installments of assessments due during the term hereof Section 5 Changes in Method of Taxation Landlord and Tenant further agree that if at any time during the term of this Lease the present method of taxation or assessment of real estate shall be changed so that the whole or any part of the real estate taxes assessment or governmental impositions now levied assessed or imposed on the Leased Premises shall in lieu thereof be assessed levied or imposed wholly or in part as a capital levy or otherwise upon the rents reserved herein or any part thereof or as a tax corporation franchise tax assessment levy or charge or any part thereof measured by or based in whole or in part upon the Leased Premises or on the rents derived therefrom and imposed upon the Landlord then the Tenant shall pay all such taxes assessments levies impositions or charges Nothing contained in this Lease shall require the Tenant to pay an estate inheritance succession capital levy corporate franchise gross receipts transfer or income tax of the Landlord nor shall any of the same be deemed real estate taxes as defined herein unless the same be imposed in lieu of the real estate
View Full Document
Unlocking...