Updated on August 4, 2023
The Alaska commercial lease agreement is a legal contract that sets out the terms and conditions for leasing a commercial property in Alaska. This agreement is made between the Lessor, who is the property owner, and the Lessee, who intends to rent the property for commercial purposes. The document is designed to safeguard the rights and interests of both parties, ensuring that each party is aware of their responsibilities and obligations during the lease term.
The agreement is detailed, covering a wide range of topics to address all potential scenarios and issues. It starts by identifying the parties involved and providing a description of the property to be leased. It then outlines the lease term, detailing the start and end dates, and provides comprehensive information about the rent, including the amount, due date, and payment method. The agreement also stipulates the amount of the security deposit and the policy for late fees.
Overview of this Lease
- Premises and Rentable Space (Page 1): Describes the property being leased and the total rentable space in square feet.
- Initial Term and Monthly Rent (Page 1-2): Specifies the start and end dates of the lease and the monthly rent amount.
- Security Deposit and Late Fee (Page 2): Details the security deposit amount and the late fee policy.
- Renewal Options and Upfront Payment (Page 3): Outlines the lessee’s options for renewing the lease and any upfront payment required.
- Lessor Indemnity and Liability Insurance (Page 3): Specifies the lessee’s obligation to indemnify the lessor and maintain comprehensive general liability insurance.
- Proportionate Share and Expenses (Page 4-5): Describes the lessee’s responsibility for costs based on the proportion of total floor space occupied.
- Lessor’s Right of Entry and Damage by Casualty (Page 5-6): Outlines the lessor’s right to enter the premises and the policy for damage by casualty.
- Assignment and Subletting (Page 6-7): Specifies the policy for the lessee assigning, transferring, or subletting the lease.
- Signage and Alterations (Page 7): Details the policy for placing signs or making alterations to the premises.
- Toxic or Hazardous Materials (Page 7): Specifies the policy for the storage, use, or disposal of toxic or hazardous materials.
- Condition of Premises and Personal Property (Page 7-8): Outlines the condition in which the lessee accepts and must return the premises, and the lessor’s liability for the lessee’s personal property.
- Application of Law (Page 8): States that the lessee must comply with all laws and regulations affecting the premises.
- Governing Law (Page 10): States that the agreement is governed by the laws of the State of Alaska.