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Commercial Lease, Offer to by Tenant
Tenant hereby offers to lease from the Landlord the premises known as being _________________ (“Premises”) in the building (“Building”) situated thereon, and located at __________________ (“Address), upon and subject to the following terms and conditions:
1. Term. The term of the lease (“Term”) shall begin on ____________ (“Commencement Date”) and end on ______________ (“Termination Date”).
2. Rental. The annual rental (“Rent”) for the Term shall be _____________, payable in equal monthly installments of $_________, due on the first day of each month in advance. Tenant shall also pay all realty taxes, business taxes, heating, utilities, water, fire insurance, public liability insurance, maintenance and snow removal costs if any associated with the Premises, including all repairs to the Building (reasonable wear and tear excluded) save and except for structural repairs or repairs of a capital nature, it being understood that the Rent is net to the Landlord.
3. Option to Renew. Provided that Tenant is not in default under the lease, Tenant shall have the option, exercisable upon no less than three (3) months prior written notice to Landlord, to renew the Term for one further term of. The terms and conditions of the renewal term shall be the same as in the original Term except as to rental which shall be agreed to between Landlord and Tenant, and except as to any further rights of renewal. In the event that Landlord and Tenant are unable to agree on the rental rate for a renewal term, the matter will be submitted to arbitration pursuant to the applicable law then in effect.
4. Deposit. Tenant hereby submits a check in the sum of $_______ payable to the Landlord as a deposit pending completion or other termination of this Offer to be applied against the first month’s rent of the initial Term. Upon acceptance of this Offer by Landlord, Tenant will provide Landlord with the further sum of $________ as a further deposit pending completion or other termination of this Offer to be applied against the last month’s rent of the Term. In the event that this transaction is not completed in accordance with the terms and conditions hereof or this Offer is not accepted by Landlord, all deposits submitted to Landlord shall be forthwith returned to Tenant.
5. Formal Lease. A formal lease shall be drawn up by Landlord and executed by both parties, subject to Tenant’s attorney’s reasonable approval. The lease shall incorporate all of the provisions of this Offer to Lease.
6. Use. The Premises shall be used for ___________ and any other related uses.
7. Occupancy. Tenant shall be given vacant possession to Premises on or before the Commencement Date. Landlord acknowledges that as of Commencement Date there will be no existing leases, options to lease, rights of renewal or any other leasehold interest in the property.
8. Alterations to Building. Tenant shall be permitted to make such alterations, expansions or renovations to the Building (“Tenant’s Work”) as it so chooses, provided that all plans for such work shall require Landlord’s consent, such consent not to be unreasonably withheld. Tenant’s Work shall in all instances be in accordance with all municipal building codes, by-laws and other governmental rules.
9. Equipment and Fixture Removal. Any equipment or fixtures installed by Tenant on the Premises may be removed by Tenant at any time, provided that any damage caused by such removal, normal wear and tear excepted, shall be reasonably repaired by Tenant at Tenant’s own expense. Upon expiration or earlier termination of Lease, Tenant will not be responsible for removing any Leasehold Improvements or restoring the Premises to its original condition.
10. Signage. Tenant shall have the right to erect and exhibit such signs and sign structures, as it deems necessary, identifying Tenant and Tenant’s business activities, on the Premises, at Tenant’s own expense, subject to existing municipal bylaws and requirements. Upon termination of Lease, Tenant shall be permitted to remove all such signage at its own expense but shall repair any damage caused to Premises by such removal.
11. Assignment and Subletting. Tenant shall have the right to assign or sublet its interest in all or part of Premises or Lease at any time or times upon the prior written approval of Landlord, such approval not to be unreasonably withheld.
Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the appropriate party by personal delivery or a recognized over night delivery service such as FedEx.
If to the Landlord: _____________________________________________________.
If to the Tenant: ___________________________________________________.
13. No Waiver.
The waiver or failure of either party to exercise in any respect any right provided in this agreement shall not be deemed a waiver of any other right or remedy to which the party may be entitled.
14. Entirety of Agreement.
The terms and conditions set forth herein constitute the entire agreement between the parties and supersede any communications or previous agreements with respect to the subject matter of this Agreement. There are no written or oral understandings directly or indirectly related to this Agreement that are not set forth herein. No change can be made to this Agreement other than in writing and signed by both parties.
15. Governing Law.
This Agreement shall be construed and enforced according to the laws of the State of ____________________ and any dispute under this Agreement must be brought in this venue and no other.
16. Headings in this Agreement
The headings in this Agreement are for convenience only, confirm no rights or obligations in either party, and do not alter any terms of this Agreement.
If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.
In Witness whereof, the parties have executed this Agreement as of the date first written above.
Commercial Lease, Offer to by Tenant
This review list is provided to inform you about the document in question and assist you in its preparation. An Offer to Lease is an instrument to offer Landlord a set of terms that Tenant believes is in its best interests. It provides a chance for the Landlord to see Tenant is serious, what the projected terms are, and therefore quietly conclude whether they are acceptable or further negotiations are required. It is an interesting approach to negotiations that often works well because no verbal bickering occurs at this stage.
Sign one copy; keep an original. This agreement will be superceded by a final Lease, if it is enacted at all.