COMMERCIAL LEASE AGREEMENT
This Commercial Lease Agreement (“Lease”) is entered into on this ______ day of ____________, 20_____, (the “Effective Date”) by and between __________________, a South Dakota corporation with its principal place of business at __________________ (“Landlord”), and __________________, a South Dakota corporation with its principal place of business at __________________ (“Tenant”).
Landlord leases to Tenant and Tenant rents from Landlord the premises located at __________________. The Premises will be used for __________________.
The initial term of this Lease will begin on __________________, and will end on __________________. Thereafter, the Lease will continue on a month-to-month basis unless and until either Landlord or Tenant terminate this Lease with written notice.
Tenant will pay to Landlord the monthly rent of __________________ on the first day of each calendar month.
4. SECURITY DEPOSIT
Upon the execution of this Lease, Tenant will deposit with Landlord the sum of __________________ as security for Tenant’s faithful performance of its obligations under this Lease.
5. REPAIR AND MAINTENANCE
Tenant will keep the Premises in good condition and repair. Tenant will notify Landlord promptly of any damage to the Premises.
Tenant will maintain at its expense a policy of liability insurance with a limit of not less than $1,000,000 per occurrence. Tenant will name Landlord as an additional insured on the policy.
7. COMPLIANCE WITH LAWS
Tenant will comply with all laws, rules, and regulations of any governmental authority, including those of the State of South Dakota.
If 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 proper notice to Tenant.
9. ASSIGNMENT AND SUBLETTING
Tenant will not sublet any part of the Premises or assign this Lease without the prior written consent of the Landlord.
10. DISPUTE RESOLUTION
In the event of any dispute under this Lease, the parties agree to submit the dispute to binding arbitration in accordance with the rules of the American Arbitration Association. The arbitration will be held in South Dakota.
11. GOVERNING LAW
This Lease will be governed by and construed in accordance with the laws of the State of South Dakota.
12. ENTIRE AGREEMENT
This Lease contains the complete agreement between Landlord and Tenant and cannot be changed except by written agreement.
Note: This Lease Agreement is a legally binding document. Consult with a legal professional before signing.
If you’re looking for other agreements specific to South Dakota, you may also find our Contract for Deed Template useful. This could be a perfect tool alongside the Commercial Lease Agreement template when dealing with property transactions.
Looking to lease a residential property instead? Check out our comprehensive Contract for Rental Property that complies with South Dakota laws and regulations.
Moreover, if you are planning on buying or selling real estate in South Dakota, we also have a Contract for Sale of Real Estate template specifically designed to cater to your needs.
Meanwhile, for those handling room rentals, our Room Rental Agreement Template offers an easy-to-understand legal document suitable for landlords and tenants.
Lastly, ensure that all terms of occupancy are clearly defined and understood with our Occupancy Agreement Template. This can bring peace of mind to both landlords and occupiers alike.