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The Basic Components to a Commercial Lease - Reyes Law Group

The Basic Components to a Commercial Lease

The Basic Components to a Commercial Lease - Reyes Law Group BLOG posted by Carlos J. Reyes, Esq.

Commercial Leases come in all varieties.

Some are long, some are short, but depending on the property and parties, most try to find some middle ground. The typical commercial lease is written to address the following:

1) Basic identification information such as Lessor (owner), Lessee (tenant), leased premise address, square footage of unit with accompanying drawings depicting the space.

2) Term of lease with start and end dates. (There will also be details of any free-rent or reduced-rent time given.)

3) Use of space including any restrictions.

4) Options to renew, lessor’s repair and maintenance obligations, and lessee’s repair and maintenance obligations.

5) Common area definition (i.e., those areas and facilities furnished by Lessor or others in or near the space for the non-exclusive general common use).

6) Common area maintenance charges, real estate tax charges, and ordinance and statutes compliance.

7) Attorney fees obligations in the event of disagreements.

8) Assignment and subleasing rights.

9) Utility obligations, entry and inspection notices, possession time-line, and any late delivery terms.

10) Indemnification of lessor, insurance responsibilities, and eminent domain issues.

11) What occurs when there’s a destruction of the premises.

12) Lessor’s remedies on default.

13) Security deposit, and an explanation of how “notice” is to be given to either party.

14) Succession rights, subordination rights, and additional terms and conditions, if applicable.

Once the basics have been established, you then decide what things are “non-negotiable” versus “nice-to-have” to help you decide what you need to stay firm on, and what you can compromise on. Clearly, buried in the details of this process is where the lawyers experience, support and guidance can help a client negotiate a viable lease. Having an experienced lawyer on your side provides the legal knowledge needed to negotiate and consummate the lease terms so vital to the long-term success of the entrepreneur and his or her business. With the proper guidance, your attorney can help you negotiate a lease agreement that will serve you well for years to come.

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Carlos J. Reyes  is the Principal of Reyes Law Group. He has been a member of the Florida Bar since 1988 and practices state-wide.  Carlos has been awarded a rating of “AV Preeminent” which is the highest possible rating in both legal ability and ethical standards by Martindale-Hubbell – a well-recognized legal resource. The RLG Legal Team also include attorneys Stephan LopezMelissa J. UlloaPhillip A. Ortiz and the RLG Legal Support Team to bring you a dedicated, experienced and dynamic legal team to handle your legal needs.

We also assist clients in the areas of: Civil LitigationReal Estate LitigationResidential Purchase & SalesCommercial Acquisitions & SalesResidential Landlord-Tenant LitigationCommercial Landlord-Tenant LitigationShort Sales NegotiationsLoan ModificationsCriminal DefenseCivil Rights ClaimsFamily LawCorporate Work, and Labor & Employment Law.

Call us for a FREE consultation at (954) 369-1993. Se Habla Español.

Visit our firm website ReyesLegal.com and review our credentials.

We are located at 150 S Pine Island Rd #210, Plantation, FL 33324

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The Reyes Law Group BLOG is intended to provide information to firm clients, friends and potential clients about various legal related topics. Nothing in this BLOG should be construed as legal advice or a legal opinion. Readers should not act upon the information contained in this BLOG without seeking the advice of legal counsel.

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Written by Reyes Law Group