What are provisions commonly dealt with in a commercial lease?
A commercial lease typically deals with the following: • the type of property being let; • the address of the property being let; • the term of the tenancy and whether the tenancy is for a fixed term or renews periodically; • the amount of rent payable, how often and when the rent should be paid; • the type of business that may be conducted on the premises; • ownership of any leasehold improvements; and • the provisions of any security/damage deposit. In addition, a commercial lease may also identify the following: • provisions for lease renewal; • landlord improvements and signing incentives; • tenant improvements; • whether the tenant can assign or sublet the property: • notice provisions for termination of the tenancy; and • insurance provisions.
