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OpenDocumentThe Arizona commercial lease agreement is a legal contract that sets the terms for a business entity to rent a commercial property from a landlord. This document is crucial for outlining the rights and responsibilities of both parties, ensuring a smooth rental process.
Lease Terms and Financials
The agreement outlines the rental specifics, including the property’s location, the total rentable space, and the permitted uses of the premises. It also details the initial term of the lease, the monthly rent amount, and any potential rent increases. The Lessee may be required to pay a security deposit, which the Lessor can use to cover any defaults. The Lessee may also be able to renew the agreement by providing notice before any ending termination date.
Insurance and Expenses
The Lessee must indemnify the Lessor from all loss, liability, costs, damages, and expenses that may occur on the premises and must maintain comprehensive general liability insurance. The agreement also outlines how expenses related to the premises will be distributed between the Lessor and Lessee.
Default, Alterations, and Governing Law
In the event of a default by the Lessee, the Lessor has several options, including entering the premises to remove the Lessee or their property, terminating the agreement, or renting the premises to another party. The Lessee is not allowed to place any signs, billboards, or advertisements on the premises or make any material or structural alterations without the Lessor’s prior written consent. The agreement is governed by the laws of the State of Arizona, and any modifications must be in writing and signed by both parties.
Overview of this Lease
- Premises and Rentable Space (Page 1): The agreement clearly identifies the leased property and the total rentable space.
- Permitted Uses (Page 1): The agreement outlines the lessee’s permitted property uses.
- Initial Term and Monthly Rent (Page 1): The initial term of the lease and the monthly rent amount are specified.
- Security Deposit and Late Fees (Page 2): The security deposit and late fee conditions are detailed.
- Renewal Options and Upfront Payment (Page 2): The agreement outlines the options for lease renewal and the requirements for upfront payment.
- Assignment and Subletting (Page 5): The agreement restricts the lessee from assigning, transferring, or encumbering the agreement or subleasing the premises without the lessor’s prior written consent.
- Toxic or Hazardous Materials (Page 6): The agreement restricts the lessee from storing, using, or disposing of any toxic or hazardous materials in, on, or about the premises without the prior written consent of the lessor.
- Condition of Premises (Page 6): The agreement requires the lessee to surrender the premises in the same condition as existed at the time of the commencement of the term, reasonable wear and tear excepted.
- Default and Remedies (Page 9): The agreement outlines the conditions under which the lessee would be in default and the remedies available to the lessor.
- Signatures (Page 10): The agreement requires the signatures of both the lessor and the lessee, indicating their acceptance of the terms and conditions of the lease. The signatures may be notarized for added legal protection.