Commercial properties are those types of properties which are used for commercial purpose like opening up of offices, opening of retail stores, setting up workshops, repair shops etc. Whenever a commercial property is leased by the owner to another party or person for a certain length of time and in return for a certain sum of money, then the contract that is made is known as a commercial property lease contract. The contract makes use of several legal definitions, a few of which are given below in context of such a lease arrangement:
LESSOR-the person who owns the commercial property and leases it out
LESSEE-The person who agrees to pay lease amount for usage of a commercial property
COMMENCEMENT DATE-The date from which the lessee uses the commercial property
TERMINATION DATE-The date on which the lessee must stop using the property
LEASE PAYMENT-the monthly payment or rental which the lessee must pay to the lessor for use of the commercial property.
TERMS AND CONDITIONS-The section where all the clauses and rules of the commercial property lease contract are given and the way the parties are expected to act is mentioned.
VIOLATION-breach of any of the terms of the contract.
Sample Commercial Property Lease Contract :