Commercial Lease Agreement Template New York

This section must indicate the effective dates of the lease agreement and the number of years to which the lease applies. In addition, renewal conditions should be included in this section so that both parties know what to expect when the time comes to renew the lease. As a general rule, the tenant must notify the lessor at least 90 days in advance if he plans to extend the rental conditions. Typically, the landlord covers the property tax and insurance costs for the building, but the tenant must pay for incidentals. These include water, gas, electricity, sewage and telephone. If the owner covers any of these services, this must be expressed and agreed in this section of the rental agreement. If everything else has been read and agreed in the document, both parties must sign and date the agreement below. There should also be an area in which the names of the parties can be printed. If a guarantor is needed for the rental, he must also place his information and signature in this section. As a general rule, they must indicate their name, address, social security number, date and signature. This is a guarantee that has been developed mainly for small businesses. Since a small business may not have assets to sue for a breach of contract, this is a personal guarantee that allows the tenant to evacuate the property before the terms of the lease expire in the event of a failure of the transaction.

The landlord must inform in advance, but if the tenant is a “good guy” and leaves the property, the lessor will not look for the tenant`s personal aspects to obtain the remaining rent beyond the date the property is handed over to the lessor. The property can then be rented again instead of going through a lengthy evacuation process to recover the property. C. Tenants and lessors shall maintain, at their own expense, one or two comprehensive liability insurance policies in respect of each other`s respective activities in the building, the premiums being paid in full on or before the due date, issued and binding on an insurance company approved by the lessor, such insurance to offer a minimum coverage of at least 1,000,000 USD covering unit limits for: Personal injury. Property damage or combinations. . . .