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A Commercial Lease is a document outlining the responsibilities of a Landlord and Tenant when a commercial property is being rented. A Commercial Lease acts as a legally binding contract which allows a business the right to occupy the Landlord's property for business or commercial activities in exchange for paying rent. This lease includes basic information about the property, as well as providing an opportunity for both parties to specify their rights and responsibilities under the lease.
Commercial Leases can be short-term, for as little as a few months, or long-term, for multiple years. Commercial Leases generally fall into two categories: (1) a business renting a portion of the Landlord's building that houses multiple commercial tenants or (2) a business renting an entire building from a Landlord.
This Commercial Lease may be used to create either a month-to-month tenancy or a fixed-term tenancy. In a month-to-month tenancy, there is no expiration to the tenancy; the Tenant or the Landlord must simply give written notice at least one month in advance. In a fixed-term tenancy, the Tenant must be out of the rental space on the date outlined in the lease. If the Tenant and the Landlord would like to continue with the tenancy agreement, they must take steps to renew or amend the lease before it expires.
How to use this document
This lease allows both parties to set forth all of the required facts and obligations necessary to rent out a commercial property. In this document, basic information will be listed, such as the names and addresses of the Landlord and the Tenant, as well as a detailed description of the property being rented. There are also optional provisions that can be included based on the rental situation, such as a list of furnishings being provided or parking spaces that the Tenant will be able to access. This lease can also specify what the Tenant may and may not do in the space. For example, it can outline the terms of the accepted uses of the property, including whether or not the Tenant is permitted to store hazardous materials on the premises.
Finally, the Agreement will outline the procedures for payment of rent, start and termination of the lease, and automatic renewal of the lease.
After filling out this document, both parties must sign it in order for the agreement to be valid. The tenant may then decide to register the lease at the applicable land registry office.
A Commercial Lease is a binding contract that will be upheld in a court of law in any province or territory. When there is a written agreement such as this lease, courts tend to uphold the terms of the Agreement. In contrast to many of the common and implied protections contained in a residential lease and the associated laws, these protections do not exist for Commercial Leases. Therefore, the Commercial Lease itself must contain the entirety of the agreement and the terms that the parties agree to be bound by.
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