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Commercial Lease Agreement

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BUSINESS LEASE

THIS LEASE (this "Lease") dated this ________ day of ________________, ________

BETWEEN:

______________________ of _________________________________
Telephone: ______________________
(the "Landlord")

OF THE FIRST PART

- AND -

______________________ of _________________________________
Telephone: ______________________
(the "Tenant")

OF THE SECOND PART

IN CONSIDERATION OF the Landlord leasing certain premises to the Tenant, the Tenant leasing those premises from the Landlord and the mutual benefits and obligations set forth in this Lease, the receipt and sufficiency of which consideration is hereby acknowledged, the Parties to this Lease (the "Parties") agree as follows:

Definitions
When used in this Lease, the following expressions will have the meanings indicated:
1. "Additional Rent" means all amounts payable by the Tenant under this Lease except Base Rent, whether or not specifically designated as Additional Rent elsewhere in this Lease;
2. "Building" means all buildings, improvements, equipment, fixtures, property and facilities from time to time located at ______________________________, as from time to time altered, expanded or reduced by the Landlord in its sole discretion;
3. "Insurance Charge" means the cost to the Landlord of effecting and maintaining the Insurance Policies from, and including, any premiums paid and, where relevant, the cost of assessing any insured amounts;
4. "Insurance Policies" means the insurance policy or policies maintained by the Landlord in respect of the Premises covering damage by Insured Risks, loss of Rent, public liability and all other insurance relating to the Building as placed by the Landlord from time to time, acting prudently;
5. "Insured Risks" means fire, lightning, earthquake, explosion, aircraft (other than hostile aircraft) and other aerial devices or articles dropped from such aerial devices, riot, civil commotion, malicious damage, storm or tempest, bursting or overflowing of water tanks apparatus or pipes, flood, impact by road vehicles, terrorism (to the extent that insurance against such risks may ordinarily be arranged with an insurer of good repute at reasonable commercial rates) and such other risks or insurance as may from time to time be reasonably required by the Landlord;
6. "Common Areas and Facilities" mean:
  1. those portions of the Building areas, buildings, improvements, facilities, utilities, equipment and installations in or forming part of the Building which from time to time are not designated or intended by the Landlord to be let to tenants of the Building including, without limitation, exterior weather walls, roofs, entrances and exits, parking areas, driveways, loading docks and area, storage, mechanical and electrical rooms, areas above and below lettable premises and not included within lettable premises, security and alarm equipment, grassed and landscaped areas, retaining walls and maintenance, cleaning and operating equipment serving the Building; and
  2. those lands, areas, buildings, improvements, facilities, utilities, equipment and installations which serve or are for the useful benefit of the Building, the tenants of the Building or the Landlord and those having business with them, whether or not located within, adjacent to or near the Building and which are designated from time to time by the Landlord as part of the Common Areas and Facilities;
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Last Updated December 22, 2024

What is a Commercial Tenancy Agreement

A Commercial Tenancy Agreement, also known as a Business Lease or a Commercial Lease, is used when the owner of a business property wishes to rent space to another business owner. Both parties may either be individuals or corporations.

This Commercial Tenancy Agreement encompasses properties such as office buildings, industrial space, restaurants, retail shops, and warehouses within England, Wales, Scotland, and Northern Ireland.

What is the difference between a long and short Commercial Tenancy Agreement?

The short version of your Commercial Lease will include basic information and clauses to protect both the landlord and the tenant in the agreement. It does not include any information that is not necessary and only includes standard clauses.

The long version of your Commercial Lease will include a number of extra clauses and terms that will make your agreement much more detailed. The long version also allows you to revise clauses after completion.

If you are creating a simple lease and don't require many details, the short version may work best for you.

If your landlord/tenant agreement is complicated and requires a number of additional clauses, the long version of the Commercial Lease is recommended.

What is included in my Commercial Tenancy Agreement?

A Commercial Lease will include information such as:

Personal information about both the landlord and tenant, such as contact information
Whether a guarantor will be required
Property-specific details, such as the size of the space being rented
Letting information, such as the price of rent, length of the agreement, and how the premises may be used
Whether the tenant will receive exclusive use of the property
If renovations or improvements will be allowed, and if they need to be approved

What are a landlord's responsibilities in a Commercial Tenancy Agreement?

In a Commercial Lease Agreement, the owner of the property will generally be responsible for:

Upkeep of the commercial building or property
Seasonal maintenance tasks, such as snow removal or landscaping
Ensuring that the building or property meets safety and health requirements
Collecting rent payments, and if applicable, utility payments
How the tenant will be allowed to use the property

A landlord will also be responsible for ensuring that rent payments are allocated to the lender if the property is mortgaged, as well as for providing insurance for the property itself.

What are a tenant's responsibilities?

What are the lease terms for Commercial Letting Agreements?

There are three different types of lease terms in a Commercial Lease in order to accommodate different landlord/tenant situations and preferences.

Fixed End Date

A lease term that ends on a set date. For example, if a letting term lasts for a year and it began on May 1st, it will end the following year on the same date.

Fixed end date agreements may be for any number of weeks, months, or years. At the end of the term, you may renew your agreement, terminate it, or continue to let the property on a month-to-month basis.

Fixed Number of Weeks/Months/Years

A fixed number of weeks/months/years means that the property is being let for a certain amount of time. This could be any number of weeks, months, or years.

In this type of agreement, neither party is required to give notice at the end of the term. The lease simply terminates on its own. Once the term has ended, the landlord and tenant can renew the terms, continue on a month-to-month term, or part ways.

Periodic

A periodic tenancy continues until either the landlord or tenant terminates the lease by providing notice to the other party. These types of Commercial Tenancy Agreements are ongoing and are beneficial for long-term tenancy relationships.

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