COMMERCIAL LEASE AGREEMENTTHIS COMMERCIAL LEASE AGREEMENT (“Lease”) is made and entered into this [Date], by and between [Landlord’s Name], a/an [State of Formation, if applicable, and Type of Entity] (“Landlord”), and [Tenant’s Name], a/an [State of Formation, if applicable, and Type of Entity] (“Tenant”).
1. PREMISESLandlord leases to Tenant the premises located at [Property Address] in the state of Iowa, together with any personal property located thereon (collectively, the “Premises”). The Premises will be used for [specific use].
2. TERMThe initial term of this Lease will begin on [Start Date], and will end on [End Date]. Thereafter, the Lease will continue on a month-to-month basis unless and until either Landlord or Tenant terminate this Lease with written notice.
3. RENTTenant will pay to Landlord a monthly rent of $[Rent], due on the first day of each calendar month.
4. SECURITY DEPOSITUpon execution of this Lease, Tenant will deposit with Landlord the sum of $[Security Deposit] as security for Tenant’s obligations under this Lease.
5. MAINTENANCE AND REPAIRTenant will keep the Premises in clean, sanitary, and good condition. If any damage beyond normal wear and tear occurs, Tenant will notify Landlord promptly and bear the cost of such repair.
6. INSURANCETenant will maintain Commercial General Liability Insurance with limits of not less than $[Amount] per occurrence.
7. DEFAULTIf Tenant fails to comply with any of the material provisions of this Lease, or of any present rules and regulations, Landlord may terminate this Lease upon providing written notice to Tenant.
8. INDEMNIFICATIONTo the extent permitted by law, Tenant will indemnify and hold Landlord harmless from and against any and all claims arising from Tenant’s use of the Premises.
9. ASSIGNMENT AND SUBLETTINGTenant will not assign this Lease, or sublet or grant any concession or license to use the Premises or any part thereof without the prior written consent of the Landlord.
10. GOVERNING LAWThis Lease will be governed by and construed in accordance with the laws of the state of Iowa.
11. ENTIRE AGREEMENTThis Lease contains the entire agreement of the parties and there are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Lease. IN WITNESS WHEREOF, the parties have executed this Lease at the place and date first above written. Landlord: [Landlord’s Legal Name] Signature: _______________ Date: _____ Tenant: [Tenant’s Legal Name] Signature: _______________ Date: _____ Please note: This is a basic lease agreement and may not be suitable for all commercial leasing situations. It is advised to seek legal counsel to ensure compliance with all local and state laws.
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