We understand how Commercial leases can be so scary. They are so complex and have big implications for your business.
But – if you focus on these areas you will know some of the big things are handled:
- Lease term and renewal options.
- pay attention to how early you have to give renewal or non-renewal notice.
- Rent calculation and increases.
- DO NOT OVERLOOK THIS. Seriously, how is rent calculated and increased
- Maintenance and repair responsibilities
- Who is paying for what? There is a different between repairs and maintenance – make sure that’s clear.
- Use clauses and exclusivity rights.
- How can you use the premises? Make it as broad as possible. Can a competitor also use the same shopping center area?
- Default provisions and remedies.
- If you are a tenant, ask for written notice of default and a chance to remedy problems. See if you can negotiate limits on the amount of your liability.
Understanding these elements is crucial before signing a commercial lease.
A well-negotiated lease = stability and protection for your business.
A poorly structured lease = unexpected costs and legal issues.
Do you have a lease you would like reviewed? Or prepared? Give us a call today.