Commercial Lease Agreement
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Medium Risk
Facts
This agreement is between "Landlord Inc." and "Tenant Corp." for the property at 123 Business Rd, commencing Nov 1, 2023 for 5 years.
Obligations
Tenant Corp. must pay $5000/month rent, maintain the property, and hold liability insurance. Landlord Inc. must maintain structural integrity and provide essential services.
Rights
Tenant Corp. has the right to quiet enjoyment and a first right of refusal on adjacent space. Landlord Inc. has the right to inspect the property with 24-hour notice.
Deadlines
Rent is due on the 1st of each month. A 90-day notice is required for lease renewal.
- What if the tenant defaults on rent? Landlord can initiate eviction after a 10-day cure period.
- What if the property is damaged by a natural disaster? Lease may be terminated if repairs exceed 60 days.
- State Commercial Tenancy Act
- Zoning Ordinance B-2
- Fire Safety Code 101
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