What types of business lease exist?
Typically the lease will be either a long-term lease, being in excess of 20 years, or a shorter-term lease, being for less than five years. In the event a lease continuing for more than five years a tenant acquires statutory rights of renewal. Longer-term leases incorporate obligations on the tenant to repair the premises and to pay the cost of insurance of the premises, restrictions on the right of alteration or alienation, and they incorporate an ability on the landlord to review the rent every five years. These leases sometimes incorporate break clauses which must be specifically negotiated prior to entering into the lease. In shorter-term leases, the repairing obligation is generally restricted to keeping the premises internally in good order, repair and condition.
