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10 Categories of Provisions to Consider in any Commercial Lease
When entering into a lease for commercial space, there are some items that should not be overlooked. Landlords and tenants alike should make sure that the following things are addressed in the lease, one way or another.
1. The Leased Premises Themselves
It seems obvious, but the lease must first and foremost adequately describe the location and size of the leased premises, as errors or omissions can lead to otherwise avoidable complications.
The leased premises can be identified either by way of a legal description (assuming the tenant rents the entire property) or by reference to floor plans of the leased premises — both of which can be attached as an exhibit to the lease.
Additionally, if parking is included as part of the lease, the parties should account for that fact in the lease itself and state whether the parking is to be in dedicated locations in the parking lot. The number of parking spaces included as part of the lease arrangement should also be specified.
2. Permitted Use
At a minimum, the commercial tenant must ensure that whatever the landlord-permitted use of premises is, that use of the property is also allowed under the law. If not, the lease should contain a zoning contingency allowing the tenant to obtain governmental approval for the permitted use and, if governmental approval is not so obtained, allowing the tenant to terminate the lease.
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