The Exclusive Lease Agreement is a comprehensive legal document used when a property owner wishes to grant sole occupancy rights to a single tenant. This contract type is particularly important in commercial settings where businesses require guaranteed exclusive use of premises. Under U.S. law, it provides detailed provisions for rent, term, maintenance, insurance, and other obligations while protecting both parties' interests. The agreement must comply with federal regulations such as the Fair Housing Act and state-specific landlord-tenant laws, while also addressing local zoning and property use requirements.
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1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background: Context of the lease arrangement and property description
3. Definitions: Key terms used throughout the agreement
4. Lease Grant: Specific terms of the exclusive lease rights being granted
5. Term: Duration of lease, including start and end dates
6. Rent and Payment Terms: Rental amount, payment schedule, and method
7. Security Deposit: Amount, terms of holding and return conditions
8. Use of Premises: Permitted use and restrictions
9. Maintenance and Repairs: Responsibilities of both parties
10. Insurance Requirements: Required coverage and obligations
1. Utilities and Services: Responsibility for utilities and services - include when utilities are not included in rent
2. Subletting and Assignment: Rights and restrictions regarding subletting - include when subletting might be considered
3. Early Termination: Conditions for early lease termination - include when flexibility in term is desired
4. Pet Policy: Rules regarding pets on premises - include when pets are allowed or prohibited
5. Option to Renew: Terms for lease renewal - include when renewal options are offered
1. Property Description Schedule: Detailed description of leased premises
2. Inventory Schedule: List of fixtures and fittings included
3. Rules and Regulations: Building or property specific rules
4. Maintenance Schedule: Detailed maintenance responsibilities
5. Lead-Based Paint Disclosure: Required for pre-1978 properties
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