&[reserved1] &[reserved2]

Industrial Lease Synopsis

The following is a synopsis of the Industrial Lease Terms

  • Name of Landlord
  • Business type of Landlord (individual, corporation, etc.)
  • Address for notices to Landlord and payment of rent
  • Name of Tenant
  • Business type of Tenant (individual, corporation, etc.)
  • Description of Leased Premises
  • Term of Lease
  • Begin and End Date of Lease
  • If Tenant has options to extend Lease, and if yes number and term of options
  • IF options yes, determination of rent amount during options (continue per lease terms, adjusted by "x" percent, or prevailing market conditions)
  • Amount of Base Rent
  • Date first rent payment is due
  • If any initial rent abatement, and if yes duration and amount of abatement
  • If Tenant defaults, all abated rent re-instated and due from Tenant
  • If annual adjustment to rent, and if yes if by CPI (describe index) or fixed annual percentage. If CPI, choice of minimum or maximum adjustment
  • Security Deposit (y/n), and if yes the amount and when due
  • Late charge for payments more than 5 days late (y/n), and if yes the amount
  • Description of Common Area Maintenance ("CAM") charges paid by Tenant
  • Description of Use of Premises
  • Provisions regarding waste, nuisance, etc.
  • Provisions regarding smoking restrictions, if any, in building
  • Tenant Improvements constructed by Landlord (n/y), and if yes, description of ti's
  • Description of utilities, if any, provided at Landlord's expense
  • Description re. parking rights of Tenant (exclusive "x" spaces, non-exclusive, or none
  • Description of Janitorial Services provided by Landlord, if any
  • No alterations allowed by Tenant without approval of Landlord
  • Any alterations made will inure to benefit of Landlord following Lease, but Landlord may demand removal at Tenant's expense
  • Tenant to keep Premises free from Mechanic's Liens, and provisions for removal of Mechanic's Liens
  • Whether Tenant must procure casualty, liability and business insurance, and if yes for what limits
  • Tenant to pay for all personal property taxes
  • No entry by Landlord unless for repair, maintenance, etc., with 24 hours notice except for emergency.
  • Tenant may not change locks or keys without permission of Landlord
  • No assignment or sub-letting without Landlord's consent, which may not be unreasonably withheld.
  • If default by Tenant, Landlord can give 3 days' notice, after which time the Lease will terminate at option of Landlord. Landlord has all emedies allowed by law, including right to possession, back rent and prospective rent lost
  • All signage must be reviewed and approved by Landlord
  • The Lease contains an attorney's fees clause
  • Standard indemnification language
  • Standard Hazardous Materials Language
  • If building is damages, Landlord will rebuild if possible within 180 days, and if not Lease will be cancelled
  • IF eminent domain of total Premises, Lease will terminate and rent abated. If eminent domain of less than all Premises, Tenant's choice re Lease termination and rent reduction
  • Each Party will provide Estoppel Certificates if requested
  • The Lease includes standard provisions regarding choice of law, attornment, subordination, no waivers, successors, time of essence, etc.
    [end of Synopsis] &[footer]