     |
Commercial Real Estate Lease
A Commercial Real Estate Lease is often intimidating to small and large toronto office leasing tenants alike and well it should be. Take a look at this one and see if you have the time to even read it. Our eagles read every real estate lease I negotiate with an eye to not only protecting you from the gotchas of leasing - those clauses that unfairly benefit the landlord at your expense - but also to adding clauses that protect your business against future costs, expense and headache. Your Commercial Real Estate Lease is negotiable no matter what your size of tenancy. If the landlord wants your tenancy, he will delete entire your Toronto Real Estate Lease clauses or change them so that they are fair to both parties. Some landlords will include "throw away" clauses that are so onerous that they expect no tenant to accept as a negotiating gambit so that they can concede these "throw aways" in order to get other clauses accepted by the tenant. Amazingly, many small tenants just sign the Commercial Real Estate Lease with no changes at all. This can be hazardous to the health of your business. HEADING 1. LEASE SUMMARY AND EXHIBITS. a. Leased Premises. b. Lease Commencement Date. c. Lease Termination Date. d. Base Rent. e. Prepaid Rent. f. Security Deposit. g. Permitted Use. h. Notice and Payment Addresses: i. Lease Commission. j. Tenant's Pro Rata Share. 2. PREMISES. 3. TERM. a. Commencement Date. b. Tenant Obligations. 4. RENT. 5. SECURITY DEPOSIT. 6. USES. 7. COMPLIANCE WITH LAWS. 8. OPERATING COSTS. a. Definition. b. Method of Payment: OPTION ONE: TRIPLE NET. OPTION TWO: EXPENSE STOP. c. Method of Payment. 9. UTILITIES AND SERVICES. 10.TAXES. 11. COMMON AREAS. a. Definition. b. Use of the Common Areas. c. Maintenance of Common Areas. 12.ALTERATIONS. 13.REPAIRS AND MAINTENANCE 14.ACCESS. 15.SIGNAGE. 16.DESTRUCTION OR CONDEMNATION. a. Damage and Repair.b. Condemnation. 17.INSURANCE. a. Liability Insurance. b. Casualty Insurance. c. Miscellaneous. d. Landlord Insurance. e. Waiver of Subrogation. 18.INDEMNIFICATION. 19. ASSIGNMENT AND SUBLETTING. 20. LIENS. 21. DEFAULT. a. Failure To Pay. b. Vacation/Abandonment.c. Insolvency. d. Levy or Execution.e. Other Non-Monetary Defaults.f. Failure to Take Possession. 22. REMEDIES. a. Termination of Lease.b. Re-Entry and Reletting.c. Waiver of Redemption Rights.d. Nonpayment of Additional Rent.e. Failure to Remove Property. 23. MORTGAGE SUBORDINATION AND ATTORNMENT. 24. NON-WAIVER. 25. HOLDOVER. 26. NOTICES. 27. COSTS AND ATTORNEYS' FEES. 28. ESTOPPEL CERTIFICATES. 29. TRANSFER OF LANDLORD'S INTEREST. 30. RIGHT TO PERFORM. 31. HAZARDOUS MATERIAL. 32. QUIET ENJOYMENT. 33. RIGHT OF ENTRY. 34. GENERAL. a. Heirs and Assigns.b. Brokers' Fees.c. Entire Agreement.d. Severability.e. Force Majeure. f. Governing Law.g. Memorandum of Lease.h. Submission of Lease Form Not an Offer.i. No Light, Air or View Easement.j. Authority of Parties.k. Exhibits and Riders.
|
