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Document Description
This is a sample Lease Agreement between a landlord and a tenant for a commercial property. It is an NNN (Triple Net) lease, which means that the tenant will be responsible for all the maintenance, taxes, and insurance of the property. The lease agreement is legally binding and outlines the terms and conditions of the lease, including the leased premises, the lease commencement date, the lease termination date, the monthly base rent, and the permitted use. The agreement also outlines the security deposit, prepaid rent, and tenant improvements.
The leased premises consist of the commercial real estate, including all improvements, legally described on Exhibit A and commonly described by its address. The lease commencement date is defined as the substantial completion of either the Landlord's work or Tenant's work, but no later than the date stated. The lease termination date is midnight on the last day of the full month following the commencement date, and the tenant has no right or option to extend the lease, except as set forth in a rider attached to this Lease.
The monthly base rent is specified, and all amounts payable by the tenant to the landlord are payable by wire transfer or at the landlord's address or a place designated by the landlord. The tenant must deliver a sum of prepaid rent, which will be applied to the rent due for the first few months of the lease. A security deposit, held by the landlord, is required in the form of cash, check, wire transfer, or a letter of credit according to the Letter of Credit Rider attached to the lease agreement.
The permitted use of the leased premises is specified, and the tenant shall use the premises only for that purpose, subject to applicable zoning and other laws, and for no other purpose without the prior written consent of the landlord.
The agreement also specifies that the landlord makes no representations or warranties to the tenant regarding the premises' structural condition, and the tenant is responsible for performing any work necessary to bring the premises into a condition satisfactory to them. Tenant improvements, if any, will be described in the Work Letter attached as Exhibit B, and responsibility for design, payment, and performance of all such work shall be as set forth in the Work Letter.
The term of the lease starts on the lease commencement date and ends on the termination date, subject to any option to extend the term of the lease. The tenant shall have reasonable access to the premises preceding the lease commencement date for the sole purpose of installing furniture, telecommunications, fixtures, telephone systems, and computer cabling and performing tenant's work. If the landlord permits early occupancy, it shall not advance the lease commencement or termination date. If the landlord is unable to make the premises available by the lease commencement date, the tenant may terminate the lease.
How to use this document?
Steps to Use this Lease Agreement (NNN) Document:
1. Review Lease Summary: Read through the lease summary section (Section 1) carefully, which includes important details such as the leased premises description, lease commencement date, lease termination date, base rent amount, prepaid rent, security deposit, permitted use, and notice/payment addresses for both parties (Landlord and Tenant).
2. Understand Premises: Familiarize yourself with the Premises, including the location and description of the commercial real estate being leased, as described in Exhibit A attached to the Lease Agreement.
3. Note Lease Commencement and Termination Dates: Take note of the lease commencement date, which is either upon substantial completion of Landlord's Work or Tenant's Work as described in Exhibit B, but no later than a specific date mentioned in the Lease Agreement. Also, be aware of the lease termination date, which is the last day of the full month following the Commencement Date or any other date specified in the Lease Agreement.
4. Determine Base Rent and Payment Method: Identify the monthly base rent amount, which can be a specific dollar amount mentioned in the Lease Agreement or as per the Rent Rider attached to the Lease Agreement. Note the payment method, which can be either wire transfer or payable at Landlord's designated address or any other place specified in writing by the Landlord.
5. Understand Prepaid Rent and Security Deposit: Take note of the prepaid rent amount, which Tenant needs to deliver to the Landlord upon execution of the Lease Agreement, and the security deposit amount, which Tenant needs to deliver to the Landlord as per Section 5 of the Lease Agreement. Understand the form of security deposit, which can be cash, check, wire transfer, or letter of credit as per the Lease Agreement.
6. Review Permitted Use: Understand the permitted use of the Premises as mentioned in the Lease Agreement, which should comply with applicable zoning and other laws, and obtain prior written consent from the Landlord for any other use.
7. Note Notice and Payment Addresses: Take note of the notice and payment addresses for both the Landlord and Tenant, including the names, addresses, emails, and contacts of the respective parties, as mentioned in Section 1(h) of the Lease Agreement.
8. Review Premises Acceptance and Tenant Improvements: Understand the condition of the Premises, including any tenant improvements to be completed by the Landlord or Tenant as mentioned in the Work Letter attached as Exhibit B. Acknowledge the responsibility for any corrections, alterations, and repairs to the Premises (except for Landlord's Work) as Tenant, and ensure that it does not delay the Commencement Date.
9. Review Term of Lease: Understand the term of the Lease, which includes the Commencement Date and Termination Date, as mentioned in Section 3 of the Lease Agreement. Take note of any early possession or delayed possession clauses and their implications.
10. Seek Legal Advice: If necessary, consult with a qualified attorney to ensure that you fully understand the terms and conditions of the Lease Agreement and your rights and responsibilities as a Tenant.
By following these steps, you can effectively use this Lease Agreement document for a single tenant lease of commercial real estate with NNN (Triple Net) terms, while ensuring compliance with applicable laws and protecting your interests as a Tenant.
This is a sample Lease Agreement between a landlord and a tenant for a commercial property. It is an NNN (Triple Net) lease, which means that the tenant will be responsible for all the maintenance, taxes, and insurance of the property. The lease agreement is legally binding and outlines the terms and conditions of the lease, including the leased premises, the lease commencement date, the lease termination date, the monthly base rent, and the permitted use. The agreement also outlines the security deposit, prepaid rent, and tenant improvements.
The leased premises consist of the commercial real estate, including all improvements, legally described on Exhibit A and commonly described by its address. The lease commencement date is defined as the substantial completion of either the Landlord's work or Tenant's work, but no later than the date stated. The lease termination date is midnight on the last day of the full month following the commencement date, and the tenant has no right or option to extend the lease, except as set forth in a rider attached to this Lease.
The monthly base rent is specified, and all amounts payable by the tenant to the landlord are payable by wire transfer or at the landlord's address or a place designated by the landlord. The tenant must deliver a sum of prepaid rent, which will be applied to the rent due for the first few months of the lease. A security deposit, held by the landlord, is required in the form of cash, check, wire transfer, or a letter of credit according to the Letter of Credit Rider attached to the lease agreement.
The permitted use of the leased premises is specified, and the tenant shall use the premises only for that purpose, subject to applicable zoning and other laws, and for no other purpose without the prior written consent of the landlord.
The agreement also specifies that the landlord makes no representations or warranties to the tenant regarding the premises' structural condition, and the tenant is responsible for performing any work necessary to bring the premises into a condition satisfactory to them. Tenant improvements, if any, will be described in the Work Letter attached as Exhibit B, and responsibility for design, payment, and performance of all such work shall be as set forth in the Work Letter.
The term of the lease starts on the lease commencement date and ends on the termination date, subject to any option to extend the term of the lease. The tenant shall have reasonable access to the premises preceding the lease commencement date for the sole purpose of installing furniture, telecommunications, fixtures, telephone systems, and computer cabling and performing tenant's work. If the landlord permits early occupancy, it shall not advance the lease commencement or termination date. If the landlord is unable to make the premises available by the lease commencement date, the tenant may terminate the lease.
Steps to Use this Lease Agreement (NNN) Document:
1. Review Lease Summary: Read through the lease summary section (Section 1) carefully, which includes important details such as the leased premises description, lease commencement date, lease termination date, base rent amount, prepaid rent, security deposit, permitted use, and notice/payment addresses for both parties (Landlord and Tenant).
2. Understand Premises: Familiarize yourself with the Premises, including the location and description of the commercial real estate being leased, as described in Exhibit A attached to the Lease Agreement.
3. Note Lease Commencement and Termination Dates: Take note of the lease commencement date, which is either upon substantial completion of Landlord's Work or Tenant's Work as described in Exhibit B, but no later than a specific date mentioned in the Lease Agreement. Also, be aware of the lease termination date, which is the last day of the full month following the Commencement Date or any other date specified in the Lease Agreement.
4. Determine Base Rent and Payment Method: Identify the monthly base rent amount, which can be a specific dollar amount mentioned in the Lease Agreement or as per the Rent Rider attached to the Lease Agreement. Note the payment method, which can be either wire transfer or payable at Landlord's designated address or any other place specified in writing by the Landlord.
5. Understand Prepaid Rent and Security Deposit: Take note of the prepaid rent amount, which Tenant needs to deliver to the Landlord upon execution of the Lease Agreement, and the security deposit amount, which Tenant needs to deliver to the Landlord as per Section 5 of the Lease Agreement. Understand the form of security deposit, which can be cash, check, wire transfer, or letter of credit as per the Lease Agreement.
6. Review Permitted Use: Understand the permitted use of the Premises as mentioned in the Lease Agreement, which should comply with applicable zoning and other laws, and obtain prior written consent from the Landlord for any other use.
7. Note Notice and Payment Addresses: Take note of the notice and payment addresses for both the Landlord and Tenant, including the names, addresses, emails, and contacts of the respective parties, as mentioned in Section 1(h) of the Lease Agreement.
8. Review Premises Acceptance and Tenant Improvements: Understand the condition of the Premises, including any tenant improvements to be completed by the Landlord or Tenant as mentioned in the Work Letter attached as Exhibit B. Acknowledge the responsibility for any corrections, alterations, and repairs to the Premises (except for Landlord's Work) as Tenant, and ensure that it does not delay the Commencement Date.
9. Review Term of Lease: Understand the term of the Lease, which includes the Commencement Date and Termination Date, as mentioned in Section 3 of the Lease Agreement. Take note of any early possession or delayed possession clauses and their implications.
10. Seek Legal Advice: If necessary, consult with a qualified attorney to ensure that you fully understand the terms and conditions of the Lease Agreement and your rights and responsibilities as a Tenant.
By following these steps, you can effectively use this Lease Agreement document for a single tenant lease of commercial real estate with NNN (Triple Net) terms, while ensuring compliance with applicable laws and protecting your interests as a Tenant.
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