An office space lease agreement template is a legal document issued by a landlord to a tenant. The agreement states the terms of references that will govern the use and occupancy of the real estate property in question here. Moreover, the agreement is valid for 3-5 years. The office spaces are usually rented by;
- The attorneys
- Real estate agents
- Other practitioners that highly rely on the office floor spaces
What to include in an office space lease agreement?
An office space lease agreement should include the following information;
- The date when the agreement is signed
- Name of the landlord and tenant
- A description of the leased property
- Address of the leased property including city, state, and zip code
- Use of the lease premise: state whether it is commercial, residential, or warehouse.
- Terms of the lease agreement: this indicates the whole duration of the lease agreement. Moreover, it spells out when exactly the lease commences and comes to an end.
- Base rent: the amount of money that will be remitted to the landlord in the form of rent per month is known as base rent.
- Review options: this lease agreement is generally not strict. It provides the two parties some leeway to review it.
- Rental increase: the review options provide the two parties concerned the leeway to review it and the rental increase. While, it also empowers the landlord to increase the rental price as well. You may also like a lease default letter.
- Security deposit: this agreement must include the security deposit.
- Leasehold improvements: the tenant may have to make some improvements to the premise from time to time. This section states those improvements which may be made.
- Licenses and permits: it requires the tenant keeps copies of all licenses and permits received during the period of occupancy.
- Obligations of the lessee: this is generally a list of all the duties and responsibilities of the lessee.
- Insurance: in this section, the information regarding the terms of insurances is clearly spelled out.
- Sub-let assignments: in case, the property owner enables his premises to be leased out to a third party by a tenant then this should be categorically stated in this part.
- Damage to leased premises: The ‘damage to leased premises’ indicates what happens when such damages occur.
- Default and possessions: there are rules and guidelines that identify exactly how the lessee defaults on remitting the rental dues are handled.
- Indemnification: losses and damages should be secured appropriately. This clause states concisely how these losses are protected or secured from happening.
- Bankruptcy and Insolvency: this clause states what happen when the tenant or landlord becomes bankrupt or insolvent when the lease agreement is in force.
- Subordinate and attornment: the ‘subordinate and attornment’ clause sets the rules for when they have power to transfer the property wholly altogether.
- Estoppel certificate: some lessees and lessers make contract today and go back on them tomorrow, this certificate prevents this from happening.
- Holdover: definitely, different landlords have different terms of references and the holdover clause states just how that is to transpire.
- Waiver: you should state that any waivers of defaults have to be implemented on a case by case basis instead of as a blanket.
- Governing law: The ‘governing law’ indicates the jurisdiction that is to handle and oversee the settlements of the disputes.
- The lessor and lessee addresses
- Amendment: During the time for which the lease is in force, you should categorically state that no amendment of whichever form shall be implemented on the agreement.
- Binding effects
Free Office Lease Agreement Template
Fillable Office Lease Agreement Template
Commercial Lease Agreement for Office Space
Business Center Lease Agreement for Office Space
In conclusion, an office space lease agreement template should include all the above essential details in order to become effective. You should use a template to draft quality commercial office space lease agreements.