1. PARTIESThis Commercial Condo Lease Agreement (“Agreement”) is made and entered into this _______ day of _______, 20_____ (the “Effective Date”), by and between ________________(the “Landlord”), and _____________ (the “Tenant”).
2. PREMISESThe premises leased herein are located at _______________, also known as Unit _________. The premises include the non-exclusive use of the common areas of the condominium complex. The premises will be used for _____________ purposes only.
3. TERMThis Agreement shall commence on _____________, 20_____, and continue until ____________, 20_____.
4. RENTThe Tenant agrees to pay to the Landlord, without any deduction or offset whatsoever, the annual rent of _____________, payable in equal monthly installments of _____________ on the first day of each month of the term hereof.
5. SECURITY DEPOSITUpon the execution of this Agreement, Tenant will deposit with Landlord the sum of _________ as security for Tenant’s faithful performance of its obligations under this Agreement.
6. MAINTENANCE AND REPAIRSThe Tenant will keep the premises, including all fixtures, in clean, sanitary, and good condition.
7. INSURANCEThe Tenant will maintain, at its own expense, a policy of public liability insurance with a limit of not less than _____________.
8. DEFAULTIn the event of a default by Tenant, Landlord may elect to (i) continue this Agreement and enforce all of Landlord’s rights and remedies under this Agreement, including the right to recover the rent as it becomes due, or (ii) at any time, terminate all of Tenant’s rights under this Agreement.
9. ASSIGNMENT AND SUBLETTINGTenant shall not assign this Agreement or sublet any portion of the Premises without Landlord’s prior written consent.
10. SURRENDER OF PREMISESUpon the expiration of the term hereof, Tenant shall surrender the Premises and all property of Landlord in a clean and good condition.
11. GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the state of _____________. This Agreement is binding upon and inures to the benefit of the Parties and their respective heirs, executors, administrators, successors and assigns. LANDLORD: _________(Signature)________ _________(Print Name)________ TENANT: _________(Signature)________ _________(Print Name)________ This is a brief and general summary of a commercial condo lease agreement template. Depending on the specific situation, additional provisions may be necessary. Always consult with a real estate attorney before entering into such an agreement.
Other Useful ContractsIf you found the Commercial condo lease agreement template useful, you might also be interested in other related templates. For instance, the Office Lease Agreement Template could be beneficial if you’re planning on leasing an office space within the commercial condo. This template helps you to clearly define rights and responsibilities, preventing potential misunderstandings between you and your tenant.
You may also need to consider a Commercial Property Management Agreement Template if you plan on hiring a property management company to oversee your commercial condo. This template will guide you in outlining the extent of the manager’s powers and duties, giving you peace of mind that your property is well taken care of.
Additional relevant templates include the Commercial Sublease Agreement Template. If your tenant wishes to sublet part of their leased space in the commercial condo to another business, this template becomes important. It would enable to establish a legal relationship between you, your tenant, and the subtenant.
Lastly, if you’re considering selling your commercial condo at some point, you will find the Commercial Real Estate Purchase Agreement Template quite useful. It’s comprehensive and easy to use, providing a step-by-step guide to ensure all aspects of selling your commercial property are addressed.