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Assignment Of Commercial Lease
This Assignment Of Commercial Lease is made on [Date], by and between [Name] of [Address], hereinafter referred to as "Landlord", and [Name] of [Address], hereinafter referred to as "Tenant", do hereby agree as follows:
1. The Landlord agrees to assign and rent to the Tenant and the Tenant agrees to rent from the Landlord the following commercial property: [Enumerate]
This property contains [--] square feet of interior floor space.
2. The term of this lease will be from [Date], until [Date]. If the Tenant continues to occupy the property, with the consent of the Landlord, after the expiration of the original term of this lease, the rental will continue on a month-to-month basis with all of the other terms of this lease continuing unchanged.
3. The rental payments will be [$------] per [Week/Month] and will be payable by the Tenant to the Landlord on the [--] day of each month, beginning on [Date]. If any rental payment is not paid within [--] days of its due date, the Tenant agrees to pay an additional late charge of 5% of the rental due.
4. The Tenant agrees to use the property only for the purpose of carrying on the following business:
5. The Tenant has paid the Landlord a security deposit of [$------]. This security deposit will be held as security for the repair of any damages to the property by the Tenant. This deposit will be returned to the Tenant within 10 days of the termination of this lease, minus any amounts needed to repair the property.
6. The Tenant has paid the Landlord an additional month's rent in the amount of [$------]. This rent deposit will be held as security for the payment of rent by the Tenant. This rent payment deposit will be returned to the Tenant within [--] days of the termination of this lease, minus any rent still due upon termination.
7. Tenant agrees to maintain the property in a clean and sanitary manner and not to make any alterations to the property without the Landlord's written consent. At the termination of this lease, the Tenant agrees to leave the residence in the same condition as when it was received, except for normal wear and tear.
8. The Landlord agrees to supply the following utilities to the Tenant: [Utilities]
9. The Tenant agrees to obtain and pay for the following [Utilities]:
10. Tenant agrees not to sublet the property or assign this lease without the Landlord's written consent. Tenant agrees to allow the Landlord reasonable access to the property for inspection and repair. Landlord agrees to only enter the property after notifying the Tenant in advance, except in an emergency.
11. The Tenant has inspected the property and has found it satisfactory.
12. If the Tenant fails to pay the rent on time or violates any other terms of this lease, the Landlord will have the right to terminate this lease in accordance with state law. The Landlord will also have the right to re-enter the residence and take possession of it and to take advantage of any other legal remedies available.
13. The Landlord is responsible for the repair and upkeep of the interior of the property. The Landlord agrees that the Tenant may install the following equipment and fixtures for the purpose of operating the Tenant's business:
14. The Landlord agrees to carry fire and casualty insurance on the property, but does not have any liability for the operation of the Tenant's business. The Tenant agrees not to do anything that will increase the Landlord's insurance premiums and, further, agrees to indemnify and hold the Landlord harmless from any liability caused by Tenant's operations. The Tenant agrees to carry casualty insurance on any equipment or fixtures that Tenant installs at the property.
In addition, the Tenant agrees to carry business liability insurance covering Tenant's business operations in the amount of [$------] with the Landlord named as a co-insured party. Tenant agrees to furnish Landlord copies of the insurance policies and to not cancel the policies without notifying the Landlord in advance.
15. This lease is subject to any mortgage or deed of trust currently on the property or which may be made against the property at any time in the future. The Tenant agrees to sign any documents necessary to subordinate this lease to a mortgage or deed of trust for the Landlord.
16.The following are additional terms of this Lease: [Enumerate]
17. Applicable Law. This Assignment Of Commercial Lease shall be governed by the laws of the State of [State].
18. The parties agree that this lease is the entire agreement between them. This Assignment of Lease binds and benefits both the Landlord and Tenant and any successors.
(Name of Landlord)
(Name of Tenant)
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]