So I have an online retail business that has grown too big for the small space that we currently occupy. We started looking for commercial space to lease and found one that we really liked, they sent us the lease agreement today. Anyone interested in taking a second look at this? We have reviewed it and to our knowledge everything here looks pretty standard, but we wanted to know if we missed anything that is in there or should be in there but isn't. Thanks in advance for taking a moment to look through.
COMMERCIAL LEASE
.................................................. .LESSOR, which expression shall include its heirs, successors, and assigns where the context so admits, does hereby lease to ........., INDIVIDUALLY AND Company Name, Personal address, LESSEE, which expression shall include its successors, executors, administrators, and assigns where the context so admits.
2.) PREMISES
The LESSEE hereby leases the following described premises:
Approximately 2,800 square feet of space located in a multi-tenant building owned by the Lessor and located at ....................., Massachusetts, together with the right to use in common, with others entitled thereto, the driveways and parking areas, the hallways, stairways, and elevators, necessary for access to said leased premises, and lavatories nearest thereto.
3.) TERM
The term of this lease shall be for two (2) years commencing on November 1, 2013 and ending on October 31, 2015.
The LESSEE shall pay to the LESSOR rent as follows:
a.) For the period commencing November 1, 2013 and ending October 31, 2014 the LESSEE shall pay to the LESSOR rent at the annual rate of $22,400.00 payable monthly in advance in twelve equal monthly installments of $1,866.67.
b.) For the period commencing November 1, 2014 and ending October 31, 2015 the LESSEE shall pay to the LESSOR rent at the annual rate of $23,100.00 payable monthly in advance in twelve equal monthly installments of $1,925.00.
If LESSOR elects to accept rent after 10 days of the applicable due date, LESSEE shall pay LESSOR a late charge equal to ten (10%) percent of the overdue amount.
5.) SECURITY DEPOSIT
The LESSEE shall pay to the LESSOR the amount of $3,733.34 which shall be held as security for the payment of all rent, and for the faithful performance by the LESSEE of all other covenants and agreements; provided that the LESSEE shall have no right to require LESSOR to indemnify itself from the Deposit for any particular violation or default of LESSEE, such use of the Deposit being with LESSOR'S sole discretion. If all or any part of the Deposit is applied to an obligation of LESSEE, LESSEE shall restore the Deposit to its full amount immediately upon request by LESSOR. On the effective date of any increase in the rent, LESSEE shall deposit additional funds with LESSOR sufficient to increase the Deposit to an amount which bears the same relationship to the current rent as the Deposit bore to the original rent.
The Deposit, or any part not previously applied by LESSOR, shall be returned to LESSEE only after the expiration of this Lease and LESSEE has fully vacated the premises in accordance with the terms of this Lease, notwithstanding that this Lease has been terminated by the LESSOR. It is the intention of the parties that the Deposit shall secure LESSOR not only as to default by LESSEE before such termination, but also from any deficiency of rent or post-termination occupancy charges payable to LESSOR by LESSEE.
6.) RENT ADJUSTMENT
The LESSEE shall pay to the LESSOR as additional rent its pro-rata share of any increase in real estate taxes levied against the land and building, of which the leased premises are a part, over those incurred or levied during the fiscal year ending 6-30-14. This increase shall be prorated should this lease terminate before the end of any calendar year. The LESSEE shall make payment within thirty (30) days of written notice from the LESSOR that such increased taxes, are payable by the LESSOR.
7.) UTILITIES
The LESSOR shall provide and LESSEE shall pay for all LESSEE's utilities, water and sewer use charges. LESSOR shall provide structural insurance, structural maintenance of roof, exterior walls and floors and snow plowing. Routine maintenance of plumbing, heating and air conditioning shall be LESSEE's responsibility.
8.) USE OF LEASED PREMISES
The LESSEE shall use the leased premises only for the purposes lawful under any state or local authority having jurisdiction over the same.
9.) COMPLIANCE WITH LAWS
The LESSEE acknowledges that no trade or occupation shall be conducted in the leased premises or use made thereof which will be unlawful, improper, noisy or offensive, or contrary to any law or any municipal by-law or ordinance in force in the city or town in which the premises are situated.
10.) FIRE INSURANCE
The LESSEE shall not permit any use of the leased premises which will make voidable any insurance on the property of which the leased premises are a part, or on the contents of said property or which shall be contrary to any law or regulation from time to time established by the New England Fire Insurance Rating Association, or any similar body succeeding to its powers. The LESSEE shall on demand reimburse the LESSOR, and all other tenants, all extra insurance premiums caused by the LESSEE's use of the premises.
11.) MAINTENANCE OF PREMISES
The LESSEE agrees to maintain the leased premises in the same condition as they are at the commencement of the term or as they may be put in during the term of lease, reasonable wear and tear, damage by fire and other casualty only excepted, and whenever necessary, to replace plate glass and other glass therein, acknowledging that the leased premises are now in good order and the glass whole. The LESSEE shall not permit the leased premises to be overloaded, damaged, stripped, or defaced, nor suffer any waste. LESSEE shall obtain LESSOR'S written consent before erecting any sign on the premises which shall not be unreasonably withheld. The LESSEE shall keep the areas of the leased premises free and clear of all rubbish and debris. The LESSEE shall not permit the outside storage of any of its goods and effects and further agrees that no trailers shall be left on the premises for more than 72 hours.
12.) ALTERATIONS-ADDITIONS
The LESSEE shall not make structural alterations or additions to the leased premises, but may make non-structural alterations provided the LESSOR consents thereto in writing, which consent shall not be unreasonably withheld or delayed. All such allowed alterations shall be at LESSEE's expense and shall be in quality at least equal to the present construction. LESSEE shall not permit any mechanics' liens, or similar liens, to remain upon the leased premises for labor and material furnished to LESSEE or claimed to have been furnished to LESSEE in connection with work of any character performed or claimed to have been performed at the direction of LESSEE and shall cause any such lien to be released of record forthwith without cost to LESSOR. Any alterations or improvements made by the LESSEE shall become the property of the LESSOR at the termination of occupancy as provided herein, or the LESSOR may at its option require that the LESSEE restore the premises to the same condition as at the inception of this lease, normal wear and tear excepted.
13.) ASSIGNMENT-SUBLEASING
The LESSEE shall not assign or sublet the whole or any part of the leased premises without LESSOR's prior written consent, which consent shall not be unreasonably withheld or delayed. Notwithstanding such consent, LESSEE shall remain liable to LESSOR for the payment of all rent and for the full performance of the covenants and conditions of this lease.
14.) SUBORDINATION
This lease shall be subject and subordinate to any and all mortgages, deeds of trust and other instruments in the nature of a mortgage, now or at any time hereafter, a lien or liens on the property of which the leased premises are a part and the LESSEE shall, when requested, promptly execute and deliver such written instruments as shall be necessary to show the subordination of this lease to said mortgages, deeds of trust or other such instruments in the nature of a mortgage.
15.) LESSOR'S ACCESS
The LESSOR or agents of the LESSOR may, at reasonable times, enter to view the leased premises and may remove placards and signs not approved and affixed as herein provided, and make repairs and alterations as LESSOR should elect to do and may show the leased premises to others, and at any time within three (3) months before the expiration of the term, may affix to any suitable part of the leased premises a notice for letting or selling the leased premises or property of which the leased premises are a part and keep the same so affixed without hindrance or molestation.
16.) INDEMNIFICATION AND LIABILITY
The LESSEE shall save the LESSOR harmless from all loss and damage occasioned by the use or escape of water or by the bursting of pipes, as well as from any claim or damage resulting from neglect in not removing snow and ice from the roof of the building or from the parking lots bordering upon the premises so leased, or by any nuisance made or suffered on the leased premises, unless such loss is caused by the neglect of the LESSOR. The plowing of snow from the parking areas bordering upon the leased premises shall be LESSOR'S responsibility.
(continued in part 2 of 2)
COMMERCIAL LEASE
.................................................. .LESSOR, which expression shall include its heirs, successors, and assigns where the context so admits, does hereby lease to ........., INDIVIDUALLY AND Company Name, Personal address, LESSEE, which expression shall include its successors, executors, administrators, and assigns where the context so admits.
2.) PREMISES
The LESSEE hereby leases the following described premises:
Approximately 2,800 square feet of space located in a multi-tenant building owned by the Lessor and located at ....................., Massachusetts, together with the right to use in common, with others entitled thereto, the driveways and parking areas, the hallways, stairways, and elevators, necessary for access to said leased premises, and lavatories nearest thereto.
3.) TERM
The term of this lease shall be for two (2) years commencing on November 1, 2013 and ending on October 31, 2015.
The LESSEE shall pay to the LESSOR rent as follows:
a.) For the period commencing November 1, 2013 and ending October 31, 2014 the LESSEE shall pay to the LESSOR rent at the annual rate of $22,400.00 payable monthly in advance in twelve equal monthly installments of $1,866.67.
b.) For the period commencing November 1, 2014 and ending October 31, 2015 the LESSEE shall pay to the LESSOR rent at the annual rate of $23,100.00 payable monthly in advance in twelve equal monthly installments of $1,925.00.
If LESSOR elects to accept rent after 10 days of the applicable due date, LESSEE shall pay LESSOR a late charge equal to ten (10%) percent of the overdue amount.
5.) SECURITY DEPOSIT
The LESSEE shall pay to the LESSOR the amount of $3,733.34 which shall be held as security for the payment of all rent, and for the faithful performance by the LESSEE of all other covenants and agreements; provided that the LESSEE shall have no right to require LESSOR to indemnify itself from the Deposit for any particular violation or default of LESSEE, such use of the Deposit being with LESSOR'S sole discretion. If all or any part of the Deposit is applied to an obligation of LESSEE, LESSEE shall restore the Deposit to its full amount immediately upon request by LESSOR. On the effective date of any increase in the rent, LESSEE shall deposit additional funds with LESSOR sufficient to increase the Deposit to an amount which bears the same relationship to the current rent as the Deposit bore to the original rent.
The Deposit, or any part not previously applied by LESSOR, shall be returned to LESSEE only after the expiration of this Lease and LESSEE has fully vacated the premises in accordance with the terms of this Lease, notwithstanding that this Lease has been terminated by the LESSOR. It is the intention of the parties that the Deposit shall secure LESSOR not only as to default by LESSEE before such termination, but also from any deficiency of rent or post-termination occupancy charges payable to LESSOR by LESSEE.
6.) RENT ADJUSTMENT
The LESSEE shall pay to the LESSOR as additional rent its pro-rata share of any increase in real estate taxes levied against the land and building, of which the leased premises are a part, over those incurred or levied during the fiscal year ending 6-30-14. This increase shall be prorated should this lease terminate before the end of any calendar year. The LESSEE shall make payment within thirty (30) days of written notice from the LESSOR that such increased taxes, are payable by the LESSOR.
7.) UTILITIES
The LESSOR shall provide and LESSEE shall pay for all LESSEE's utilities, water and sewer use charges. LESSOR shall provide structural insurance, structural maintenance of roof, exterior walls and floors and snow plowing. Routine maintenance of plumbing, heating and air conditioning shall be LESSEE's responsibility.
8.) USE OF LEASED PREMISES
The LESSEE shall use the leased premises only for the purposes lawful under any state or local authority having jurisdiction over the same.
9.) COMPLIANCE WITH LAWS
The LESSEE acknowledges that no trade or occupation shall be conducted in the leased premises or use made thereof which will be unlawful, improper, noisy or offensive, or contrary to any law or any municipal by-law or ordinance in force in the city or town in which the premises are situated.
10.) FIRE INSURANCE
The LESSEE shall not permit any use of the leased premises which will make voidable any insurance on the property of which the leased premises are a part, or on the contents of said property or which shall be contrary to any law or regulation from time to time established by the New England Fire Insurance Rating Association, or any similar body succeeding to its powers. The LESSEE shall on demand reimburse the LESSOR, and all other tenants, all extra insurance premiums caused by the LESSEE's use of the premises.
11.) MAINTENANCE OF PREMISES
The LESSEE agrees to maintain the leased premises in the same condition as they are at the commencement of the term or as they may be put in during the term of lease, reasonable wear and tear, damage by fire and other casualty only excepted, and whenever necessary, to replace plate glass and other glass therein, acknowledging that the leased premises are now in good order and the glass whole. The LESSEE shall not permit the leased premises to be overloaded, damaged, stripped, or defaced, nor suffer any waste. LESSEE shall obtain LESSOR'S written consent before erecting any sign on the premises which shall not be unreasonably withheld. The LESSEE shall keep the areas of the leased premises free and clear of all rubbish and debris. The LESSEE shall not permit the outside storage of any of its goods and effects and further agrees that no trailers shall be left on the premises for more than 72 hours.
12.) ALTERATIONS-ADDITIONS
The LESSEE shall not make structural alterations or additions to the leased premises, but may make non-structural alterations provided the LESSOR consents thereto in writing, which consent shall not be unreasonably withheld or delayed. All such allowed alterations shall be at LESSEE's expense and shall be in quality at least equal to the present construction. LESSEE shall not permit any mechanics' liens, or similar liens, to remain upon the leased premises for labor and material furnished to LESSEE or claimed to have been furnished to LESSEE in connection with work of any character performed or claimed to have been performed at the direction of LESSEE and shall cause any such lien to be released of record forthwith without cost to LESSOR. Any alterations or improvements made by the LESSEE shall become the property of the LESSOR at the termination of occupancy as provided herein, or the LESSOR may at its option require that the LESSEE restore the premises to the same condition as at the inception of this lease, normal wear and tear excepted.
13.) ASSIGNMENT-SUBLEASING
The LESSEE shall not assign or sublet the whole or any part of the leased premises without LESSOR's prior written consent, which consent shall not be unreasonably withheld or delayed. Notwithstanding such consent, LESSEE shall remain liable to LESSOR for the payment of all rent and for the full performance of the covenants and conditions of this lease.
14.) SUBORDINATION
This lease shall be subject and subordinate to any and all mortgages, deeds of trust and other instruments in the nature of a mortgage, now or at any time hereafter, a lien or liens on the property of which the leased premises are a part and the LESSEE shall, when requested, promptly execute and deliver such written instruments as shall be necessary to show the subordination of this lease to said mortgages, deeds of trust or other such instruments in the nature of a mortgage.
15.) LESSOR'S ACCESS
The LESSOR or agents of the LESSOR may, at reasonable times, enter to view the leased premises and may remove placards and signs not approved and affixed as herein provided, and make repairs and alterations as LESSOR should elect to do and may show the leased premises to others, and at any time within three (3) months before the expiration of the term, may affix to any suitable part of the leased premises a notice for letting or selling the leased premises or property of which the leased premises are a part and keep the same so affixed without hindrance or molestation.
16.) INDEMNIFICATION AND LIABILITY
The LESSEE shall save the LESSOR harmless from all loss and damage occasioned by the use or escape of water or by the bursting of pipes, as well as from any claim or damage resulting from neglect in not removing snow and ice from the roof of the building or from the parking lots bordering upon the premises so leased, or by any nuisance made or suffered on the leased premises, unless such loss is caused by the neglect of the LESSOR. The plowing of snow from the parking areas bordering upon the leased premises shall be LESSOR'S responsibility.
(continued in part 2 of 2)
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