A long term commercial lease is a document which outlines the terms and conditions governing the leasing of a property or a shop or any piece of real estate, or even a commercial enterprise like a business, for a certain period of time to a lessee by the lessor. It is a legal document and thus a breach of contract will have legal repercussions. As the name suggests, a long term commercial document is for a long duration and thus such factors must be considered.
Sample Long Term Commercial Lease:
The following is a long term commercial lease based on the verbal agreement between Mr. Jenkins Jones of Capital Inc. [henceforth referred to as the lessor] and Mr. Robert Martin of IT Solutions [henceforth referred to as the lessee] regarding the leasing of the former’s commercial enterprise Soft Inc. to the latter. The following particulars are to be noted:
- Duration of long term commercial lease: 10 years
- Date of commencement of the long term commercial lease: 1st June 2011
- Date of termination of the long term commercial lease: 1st June 2021
- The security deposit paid by the lessee to the lessor is: $ 30000000
- The monthly rents paid by the lessee to the lessor: $20000
The terms and the conditions governing the long term commercial lease must be read carefully and understood. All disputes must be directed to the tribunal of Minnesota. The document is hereby ascribed the referral number 754544356.
Signature of lessor: _________________________
Signature of lessee: _________________________
Signature of advocate: _______________________
Date: May 2011