If you are a landlord or a tenant of a commercial space and are not familiar with commercial leases, here are a list of important terms that every commercial lease should include:
- Description of the Premises – It is important to ensure what exactly you are renting.
- Use – Make sure you can use the property how you want.
- Base Rent – This is the amount of rent, usually given in a per-square-foot amount.
- Additional Rents – Pay attention to ownership costs, maintenance costs, and property taxes.
- Security Deposits – The amount you need to put up front in order to lease the property.
- Letters of Credit – A letter from your bank telling the landlord you have sufficient funds to pay your rent.
- Guarantees – Usually makes the individual owner of the tenant business personally liable for any rent due.
- Assignment – This discusses a tenant’s ability to pass the lease off to someone else.
If you are thinking of getting involved in a commercial property or you need someone to review your existing lease, contact our office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.