The Commercial Tenancy Agreement serves as the primary document governing the relationship between commercial property owners and their tenants in the United States. This agreement is essential when any business entity seeks to lease commercial space, whether for retail, office, or industrial use. It differs significantly from residential leases due to its complexity and the assumption that both parties have business experience and negotiating power. The agreement typically includes detailed provisions about property use, maintenance obligations, insurance requirements, and various business-specific terms that protect both parties' interests.
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1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background: Context of the agreement and property description
3. Definitions: Key terms used throughout the agreement
4. Demise: The formal granting of the lease and its term
5. Rent and Other Payments: Rent amount, payment terms, and additional charges
6. Tenant Obligations: Core responsibilities of the tenant
7. Landlord Obligations: Core responsibilities of the landlord
8. Insurance: Required insurance coverage
9. Termination: Conditions for ending the lease
1. Break Clause: Optional provisions for early termination of the lease under specific circumstances
2. Assignment and Subletting: Optional provisions governing the tenant's rights to transfer or share the lease
3. Alterations: Optional provisions regarding tenant's rights to modify the property
4. Service Charge: Optional provisions for additional charges in multi-tenant buildings
1. Property Plan: Detailed floor plan and property boundaries
2. Inventory: List of fixtures and fittings included in the lease
3. Service Charge Schedule: Detailed breakdown of service charges and calculations
4. Building Rules: Specific regulations and requirements for the building
5. State-Specific Disclosures: Required legal notices and disclosures for the relevant jurisdiction
Relevant legal definitions
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