This is a Tenancy Agreement for the lease of commercial property with options on a rent-free period and early termination. The term is generally less than 3 years. This is drafted in favour of the Landlord.
Per this Agreement, the Landlord agrees to lease the Premises and the furniture, fixtures, fittings, and equipment therein (as per Schedule, if any) in clean and tenantable condition to the Tenant for commercial purpose.
The above Premises is hereby leased for a term of x months, commencing on a specified date. The Tenant and the Landlord of this Agreement shall have the right to terminate this Agreement after the first x months of the Term by giving to the other party of this Agreement two months’ written notice of its intention to do so. (The Tenant and the Landlord must complete above tenancy of first x months. Any advance termination before the fixed x months should be compensated by the Tenant and the Landlord to the total remaining sum of the rented to the Tenant and the Landlord.)
On the expiry of this Tenancy, the Landlord has the right to take back the Premises in full, and the Tenant must deliver vacant possession of the Premises on the date of expiry. If the Tenant wishes to extend the Tenancy, the Tenant shall have the priority to renew the Tenancy and is required to give written notice to the Landlord two months prior to the expiry of this Tenancy, the revised rental should be negotiated between the two parties. The Landlord has the right to lease to a third party if they cannot agree on rental or other terms one month prior to expiry.
Provided the Tenant shall have paid the Rent and other outgoings on the days and in the manner herein provided and observe and perform the terms and conditions herein contained and on the Tenant's part to be observed and performed, the Tenant shall peacefully hold and enjoy the Premises during the Term of Tenancy without any interruption by the Landlord.
This document should be carefully read by the Landlord and the Tenant.
This commercial tenancy template may be used by the landlord to lease the tenant the right to occupy a commercial property for a defined length of time.
The commercial tenancy would also cover other aspects of the commercial property, such as fixtures and fittings, equipment and furnishing, storage, parking, and common areas.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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4. Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document. Each party should have a copy of the executed document.