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Commercial Gross Lease with Option to Purchase

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Commercial Gross Lease with Option to Purchase Powered By Docstoc
					This attorney drafted document sets forth the terms of a lease between a Landlord and
Tenant for a commercial premises, including Tenant’s purchase option right. This
template commercial lease agreement contains both standard clauses as well as
opportunities for customization to ensure that the understandings of the parties are
properly set forth. Users can customize provisions regarding additional rent, common
area charges, and common area usage, among others. This document should be used
landlords or commercial tenants.
                                              Commercial Gross Lease

        THIS LEASE AGREEMENT (hereinafter referred to as the "Agreement") made and
entered into this __ day of __, 20__ [Instruction: Insert date.], by and between ____
[Instruction: Insert Landlord’s name.], a duly formed ___ [Instruction: Insert state and
entity type.] (hereinafter referred to as "Landlord") and _____ [Instruction: Insert Tenant’s
name.], a duly formed [Instruction: Insert state and entity type.] (hereinafter referred to as
"Tenant").

WITNESSETH:

       WHEREAS, Landlord is the fee owner of certain real property being, lying and situated
in _____ [Instruction: Insert property county and state.], such real property having a street
address of ____ [Instruction: Insert property street address.] (hereinafter referred to as the
"Premises").

       WHEREAS, Landlord desires to lease the Premises consisting of an _____ [Instruction:
Insert brief description of type of space, for example, medical, retail or office.] space with
approximately ___ [Instruction: Insert approximate square footage.] square feet, commonly
known as ____ [Instruction: Insert office suite or unit number, if any.] to Tenant upon the
terms and conditions as contained herein [Comment: If entire commercial building is being
leased to Tenant, please revise above to reflect same.];

        WHEREAS, Tenant’s lease of the Premises shall include the right of ingress, egress and
thoroughfare of certain common areas including lobbies, elevators and hallways [Comment: If
lease includes other usage of certain common areas, please further define here, or
alternatively, if lease does not include use of any common areas, revise to reflect same.]
(together, the Premises and the right to use certain common areas except as otherwise set forth
herein, the “Leased Premises”); and

       WHEREAS, Tenant desires to lease the Leased Premises from Landlord on the terms
and conditions as contained herein;

        NOW, THEREFORE, for and in consideration of the covenants and obligations
contained herein and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

    1. TERM. This Agreement shall commence on _____ [Instruction: Insert lease
       commencement date.] ("Commencement Date"). This Agreement shall continue as a
       lease for term. The termination date (“Termination Date”) shall be on ____ [Instruction:
       Insert lease termination date.] at 11:59 PM, except as otherwise set forth herein. In the
       event Landlord shall no longer own the Premises or shall enter into a contract for the sale
       of the Premises with any person or entity other than Tenant and such contract vendee
       shall not agree to assume the Lease upon the closing of sale of such contract, this Lease


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         shall terminate upon thirty (30) days’ notice to Tenant. Upon termination date, Tenant
         shall be required to vacate the Leased Premises unless one of the following circumstances
         occur: (i) Landlord and Tenant formally extend this Agreement in writing or create and
         execute a new, written, and signed agreement or (ii) Landlord willingly accepts new Rent
         from Tenant, which does not constitute past due Rent or (iii) Tenant shall close upon the
         sale of the Premises pursuant to the terms of the option contained herein. In the event
         that Landlord accepts from Tenant new rent, a month-to-month tenancy shall be created.
         Either party may terminate this month-to-month tenancy by written thirty (30) day notice.
         Rent shall continue at the rate specified in this Agreement, or as allowed by law, unless
         otherwise agreed to in writing by the parties. All other terms and conditions as outlined
         in this Agreement shall remain in full force and effect.

    2. RENT. Under the terms of this Agreement, "Rent" shall consist of all monetary
       obligations owed to Landlord by Tenant in accordance with this Agreement. However,
       the Security Deposit shall not be considered Rent. Tenant shall pay to Landlord _____
       United States Dollars ($_____.00) [Instruction: Insert written amount of monthly
       rent, followed by numerical representation of same in parentheses.] per month as
       Rent for the Term of the Agreement. An amount equal to __________________ United
       States Dollars ($__________________)[Instruction: Insert written amount of monthly
       rent, followed by numerical representation of same in parentheses.] for each month
       when Rent was paid will be credited to the Tenant and applied to the purchase price of
       the property in the event that the Tenant exercises the Option to Purchase as set forth
       herein. Optional Language: If the Tenant does not exercise the Option to Purchase,
       this credit shall be non-refundable and considered forfeited. Due date for Rent
       payment shall be the 1st day of each calendar month and shall be considered advance
       payment for that month. If not remitted on the 1st, Rent shall be considered overdue and
       delinquent on the 2nd day of each calendar month. In the event that the Commencement
       Date is not the 1st of the calendar month, Rent payment remitted on the Commencement
       Date shall be prorated based on a 30-day period.

         There will be no rent increases through the Termination Date. If this lease is renewed
         automatically on a month to month basis, Landlord may increase the rent during the
         renewal period by providing written notice to Tenant that becomes effective the month
         following the 30th day after the notice is provided.

         Acceptable forms of payment of Rent to Landlord shall be by Tenant’s good check,
         subject to collection or official check issued by any bank, savings bank, trust company or
         savings and loan association, unendorsed and payable to Landlord at the following
         address: _____. [Instruction: Insert address for rental payments.]


         In the event that any payment by Tenant is returned for insufficient funds ("NSF") or if
         Tenant stops payment, Tenant will pay $35 to Landlord for each such check, plus late
         fees as described herein until Landlord has received payment in full. Optional
         Language: Any such NSF fees or late charges shall be considered additional rent.
         [Comment: This document contains references to certain amounts payable as



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         additional rent. If same is not to be charged, please delete such references where
         they occur.] Further, Landlord may require in writing that Tenant pay Rent in cash for
         three months, and that all future Rent payments shall be remitted by Tenant to Landlord
         by money order or cashier's check.

         Landlord will apply all funds received from Tenant first to any non-rent obligations of
         Tenant including charge-backs for repairs, brokerage fees, and periodic utilities, then to
         rent, including any additional rent [Comment: If additional rent is not to be charged,
         delete reference to same.], regardless of any notations on a check.

    3. SECURITY DEPOSIT. As a security deposit, Tenant shall deposit with Landlord the
       sum of _____ United States Dollars ($_____.00) [Instruction: Insert written amount of
       security deposit, followed by numerical representation of same in parentheses.],
       receipt and sufficiency of which is hereby acknowledged by Landlord.

         Upon termination of the tenancy, all funds held by the Landlord as security deposit may
         be applied to the payment of accrued unpaid rent and the amount of damages that the
         Landlord has suffered by reason of the Tenant's noncompliance with the terms of this or
         with any and all laws, ordinances, rules and orders of any and all governmental or quasi-
         governmental authorities affecting the cleanliness, use, occupancy and preservation of the
         Leased Premises.

         Such security deposit shall be returned to Tenant, without interest, and less any set off for
         damages to the Leased Premises or other charges as set forth herein upon the termination
         of this Agreement. The security deposit will be applied first to any non-rent items,
         including late charges, returned check charges, repairs, brokerage fees, and periodic
         utilities, then to any unpaid rent. In the event that Landlord shall at any time apply any of
         such security deposit to cover unpaid rent, the late fee, or to repair damage caused to the
         Leased Premises, then, upon the request of Landlord to Tenant specifying the amount so
         applied, Tenant shall immediately deposit with Landlord, as an additional security
         deposit, the amount so applied, so that the security deposit held by Landlord shall at all
         times during the term hereof be equal to the aforementioned amount specified in this
         section.

         If deductions exceed the security deposit, Tenant will pay to Landlord the excess within
         ten (10) days after Landlord makes written demand.

    4. USE OF LEASED PREMISES. The Leased Premises shall be used for first-class
       business purposes in the operation of a business office, which shall not include any
       medical or retail office or food services type business. [Comment: Parties may wish to
       revise the standard and/or permitted types of business set forth in the previous
       sentence to more appropriately conform to the applicable leased space.] It is hereby
       understood that permitted use of the Leased Premises for purposes of this paragraph shall
       extend to Tenant’s usage of any and all common areas. At no time shall Tenant use the
       Premises for the purposes of storing, manufacturing or selling any explosives,
       flammables or other inherently dangerous substance, chemical, thing or device. Tenant



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         shall not use the common areas for storage of any of Tenant’s items and shall not block
         or hinder ingress, egress or passage through such common areas.

    5. OPTION TO PURCHASE. The Tenant, as part of the consideration herein, is hereby
       granted the exclusive right and option [Comment: If the purchase option is not
       exclusive, or if same is a right of first offer, please revise this sentence to reflect
       same.] of purchasing the Premises at any time during the term of this agreement or any
       extensions thereto. A separate agreement setting forth the purchase terms, in the form
       substantially similar to that set forth as Exhibit A, shall be entered into between Tenant and
       Landlord, upon the exercise of such option. The Tenant will notify the Landlord in
       writing of the exercise of this Option at least ten (10) days prior to such exercise.

    6. CONDITION OF LEASED PREMISES. Tenant stipulates, represents and warrants
       that Tenant has examined the Leased Premises including any and all common areas, and
       that they are at the time of this Lease in good order, repair, and in a safe, clean and
       tenantable condition. Tenant further stipulates that, except as otherwise noted on Exhibit
       A, attached hereto and considered incorporated herein by reference, no further repairs are
       necessary to the Leased Premises prior to Tenant moving in.

    7. ASSIGNMENT AND SUB-LETTING. Tenant shall have the right without Landlord's
       consent, to assign this Lease to a business with which Tenant may merge or consolidate,
       to any subsidiary of Tenant, to any corporation under common control with Tenant, or to
       a purchaser of substantially all of Tenant's assets. [Comment: Parties may revise the
       permitted exception to assignment if desired, or delete.]

         Except as set forth above, Tenant shall not sublease all or any part of the Leased
         Premises, or assign this Lease in whole or in part without Landlord's consent, such
         consent not to be unreasonably withheld or delayed. A consent by Landlord to one such
         assignment, sub-letting or license shall not be deemed to be a consent to any subsequent
         assignment, sub-letting or license. An assignment, sub-letting or license without the prior
         written consent of Landlord or an assignment or sub-letting by operation of law shall be
         absolutely null and void and shall, at Landlord's option, terminate this Agreement.

    8. ALTERATIONS AND IMPROVEMENTS. During the Lease term, Tenant shall
       make, at Tenant's expense, all necessary repairs to the Leased Premises, except that for
       purposes of this paragraph, Tenant shall not be required to make repairs to any common
       areas to which Tenant has a right of use [Comment: If Tenant will be required to make
       repairs to any common areas, for example, private elevator lobbies, same should be
       specified here.]. Repairs shall include such items as routine repairs of floors, walls,
       ceilings, and other parts of the Leased Premises damaged or worn through normal
       occupancy, except for major mechanical systems or the roof, subject to the obligations of
       the parties otherwise set forth in this Lease. Tenant, at Tenant's expense, shall have the
       right, upon obtaining Landlord's consent, to remodel, redecorate, and make additions,
       improvements and replacements of and to all or any part of the Leased Premises from
       time to time as Tenant may deem desirable, provided the same are made in a
       workmanlike manner and utilizing good quality materials. Tenant shall have the right to


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         place and install personal property, trade fixtures, equipment and other temporary
         installations in and upon the Leased Premises, and fasten the same to the premises. All
         personal property, equipment, machinery, trade fixtures and temporary installations,
         whether acquired by Tenant at the commencement of the Lease term or placed or
         installed on the Leased Premises by Tenant thereafter, shall remain Tenant's property free
         and clear of any claim by Landlord. Tenant shall have the right to remove the same at
         any time during the term of this Lease provided that Tenant shall repair, at Tenant's
         expense, all damage to the Leased Premises caused by such removal.

    8. TITLE SEARCH. A title search may be commenced immediately by the Tenant upon
       the notification of Tenant’s exercise of the purchase option set forth herein. This shall be
       at the expense of the Tenant unless it is discovered that the Landlord does not have
       marketable title or encumbrances beyond those acceptable encumbrances set forth in
       Exhibit A, in which case the Landlord shall reimburse the Tenant for all costs associated
       with the title search, and this Lease will become null and void at the option of the Tenant.

    9. NON-DELIVERY OF POSSESSION. In the event Landlord cannot deliver possession
       of the Leased Premises to Tenant upon the commencement of the Lease term, through no
       fault of Landlord or its agents, then Landlord or its agents shall have no liability, but the
       rental herein provided shall abate until possession is given. Landlord or its agents shall
       have thirty (30) days in which to give possession, and if possession is tendered within
       such time, Tenant agrees to accept the demised Leased Premises and pay the rental herein
       provided from that date. In the event possession cannot be delivered within such time,
       through no fault of Landlord or its agents, then this Agreement and all rights hereunder
       shall terminate. Notwithstanding the foregoing, Landlord shall retain the obligation to
       return the security deposit as set forth hereunder.

    10. UTILITIES. Tenant shall pay all charges for water, sewer, gas, electricity, telephone
        and other services and utilities used by Tenant on the Leased Premises during the term of
        this Lease unless otherwise expressly agreed in writing by Landlord. Tenant’s obligation
        to pay such charges shall not extend to any prorata share of such charges incurred for the
        common areas to which Tenant has permitted usage. [Instruction: If CAM charges are
        to be charged to Tenant, please revise the foregoing to reflect same.] In the event that
        any utility or service provided to the Leased Premises is not separately metered, Landlord
        shall pay the amount due and separately invoice Tenant for Tenant's pro rata share of the
        charges. Optional Language: Such charges shall be considered additional rent. [If
        additional rent is not to be charged, delete such language.].

         Tenant shall pay such all such utility charges prior to the due date. Tenant acknowledges
         that the Leased Premises are designed to provide standard office use electrical facilities
         and standard office lighting. Tenant shall not use any equipment or devices that utilizes
         excessive electrical energy or which may, in Landlord's reasonable opinion, over load the
         wiring or interfere with electrical services to other tenants.

    11. TAXES. Landlord shall pay, prior to delinquency, all general real estate taxes and
        installments of special assessments coming due during the Lease term on the Premises,
        and all personal property taxes with respect to Landlord's personal property, if any, on the


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         Premises. Tenant shall be responsible for paying all personal property taxes with respect
         to Tenant's personal property at the Leased Premises.

    12. MAINTENANCE AND REPAIR; RULES. During the Lease term, Tenant shall make,
        at Tenant's expense, all necessary repairs to the Leased Premises, except as otherwise set
        forth herein. Repairs shall include such items as routine repairs of floors, walls, ceilings,
        and other parts of the Leased Premises damaged or worn through normal occupancy,
        except for major mechanical systems or the roof, subject to the obligations of the parties
        otherwise set forth in this Lease. Tenant will comply with the rules of the Building
        adopted and altered by Landlord or the Building management, as the case may be, from
        time to time and will cause all of its agents, employees, invitees and visitors to do so; all
        changes to such rules will be sent by Landlord or the Building management, as the case
        may be, to Tenant in writing.

    12. DAMAGE TO PREMISES. In the event the Premises are destroyed or rendered wholly
        uninhabitable by fire, storm, earthquake, or other casualty not caused by the negligence
        of Tenant, this Agreement shall terminate from such time except for the purpose of
        enforcing rights that may have then accrued hereunder. The rental provided for herein
        shall then be accounted for by and between Landlord and Tenant up to the time of such
        injury or destruction of the Premises, Tenant paying rentals up to such date and Landlord
        refunding rentals collected beyond such date. Should a portion of the Premises thereby
        be rendered uninhabitable, the Landlord shall have the option of either repairing such
        injured or damaged portion or terminating this Lease. In the event that Landlord
        exercises its right to repair such uninhabitable portion, the rental shall abate in the
        proportion that the injured parts bears to the whole Premises, and such part so injured
        shall be restored by Landlord as speedily as practicable, after which the full rent shall
        recommence and the Agreement continue according to its terms.

    13. INSPECTION OF LEASED PREMISES. Provided Landlord shall not unreasonably
        interfere with Tenant’s permitted business on the Leased Premises, Landlord and
        Landlord's agents shall have the right at all reasonable times during the term of this
        Agreement and any renewal thereof to enter the Pleased remises for the purpose of
        inspecting the Leased Premises and all buildings and improvements thereon, and for the
        purposes of making any repairs, additions or alterations as may be deemed appropriate by
        Landlord for the preservation of the Leased Premises or the building, show the Leased
        Premises to prospective tenants, prospective purchasers, inspectors, fire marshals,
        lenders, appraisers, or insurance agents, to exercise a contractual or statutory lien or to
        leave written notice or to seize nonexempt property after a default. Landlord and its
        agents shall further have the right to exhibit the Leased Premises and to display the usual
        "for rent" or "vacancy" signs on the Leased Premises at any time within forty-five (45)
        days before the expiration of this Lease in the event Tenant has not exercised the
        purchase option set forth herein prior to such time. The right of entry shall likewise exist
        for the purpose of removing placards, signs, fixtures, alterations or additions that do not
        conform to this Agreement or to any restrictions, rules or regulations affecting the Leased
        Premises. If Tenant fails to permit access pursuant to this Paragraph, Tenant shall be in
        default.



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    14. INSURANCE. If the Premises or any other part of the Building is damaged by fire or
        other casualty resulting from any act of negligence by Tenant or by any of Tenant's
        agents, employees or invitees, rent shall not be diminished or abated while such damages
        are under repair, and Tenant shall be responsible for the costs of repair not covered by
        insurance.

         Landlord shall maintain fire and extended coverage insurance on the Building and the
         Premises in such amount as Landlord shall deem appropriate. Tenant shall be
         responsible, at its expense, for fire and extended coverage insurance on all of its personal
         property, including removable trade fixtures, located in the Leased Premises.

         Tenant and Landlord shall, each at its own expense, maintain a policy or policies of
         comprehensive general liability insurance with respect to the particular activities of each
         in the Building with the premiums thereon fully paid on or before due date. Such
         insurance policy shall be issued by and binding upon an insurance company approved by
         Landlord, and shall afford minimum protection of not less than $1,000,000 combined
         single limit coverage of bodily injury, property damage or combination thereof.
         [Comment: Parties may vary the insurance requirements stated herein, and in such
         instance, the language contained here should be revised to reflect the correct
         requirements.] Tenant shall provide Landlord with current Certificates of Insurance
         evidencing Tenant's compliance with this Paragraph.

    14. SIGNS. Following Landlord's consent, Tenant shall have the right to place on the
        Leased Premises, at locations selected by Tenant and approved by Landlord and/or the
        Building management, as the case may be, any signs which are permitted by applicable
        zoning ordinances and private restrictions. Landlord may refuse consent to any proposed
        signage that is in Landlord's opinion too large, deceptive, unattractive or otherwise
        inconsistent with or inappropriate to the Leased Premises or use of any other tenant.
        Landlord shall assist and cooperate with Tenant in obtaining any necessary permission
        from governmental authorities or adjoining owners and occupants and the Building
        management for Tenant to place or construct the foregoing signs. Tenant shall repair all
        damage to the Leased Premises resulting from the removal of signs installed by Tenant.

    15. PARKING. There shall be no parking provided. [Comment: If parking is to be
        provided, this language should be revised to reflect number of spaces, type
        (whether or not covered or open, reserved or not) and whether or not there is an
        additional charge and/or additional parking agreement to be entered into
        regarding same.]

    16. BROKER. Tenant represents that Tenant was not shown the Leased Premises by any
        real estate broker or agent and that Tenant has not otherwise engaged in, any activity
        which could form the basis for a claim for real estate commission, brokerage fee,
        finder's fee or other similar charge, in connection with this Lease. [Comment: If
        parties used a broker, this language should be revised to reflect same, as well as
        who shall be responsible for payment of applicable broker’s commission.]




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    17. SUBORDINATION OF LEASE. This Agreement and Tenant's interest hereunder are
        and shall be subordinate, junior and inferior to any and all mortgages, liens or
        encumbrances now or hereafter placed on the Leased Premises by Landlord, all advances
        made under any such mortgages, liens or encumbrances (including, but not limited to,
        future advances), the interest payable on such mortgages, liens or encumbrances and any
        and all renewals, extensions or modifications of such mortgages, liens or encumbrances.
        Tenant must promptly execute any certificate(s) that Landlord requests to show that this
        Agreement is so subject and subordinate. Tenant authorizes Landlord to sign these
        certificate(s) for Tenant.

    15. TENANT'S HOLD OVER. If Tenant remains in possession of the Leased Premises
        with the consent of Landlord after the natural expiration of this Agreement, a new
        tenancy from month-to-month shall be created between Landlord and Tenant which shall
        be subject to all of the terms and conditions hereof except that rent shall then be due and
        owing at a price per month to be agreed upon in writing by Tenant and Landlord at the
        time of such new tenancy and except that such tenancy shall be terminable upon thirty
        (30) days written notice served by either party. Any such writing shall be appended
        hereunder as Exhibit B, and shall at that time be considered incorporated herein.

    18. SURRENDER OF LEASED PREMISES. Upon the expiration of the term hereof,
        Tenant shall surrender the Leased Premises, except as otherwise set forth herein, in as
        good a state and condition as they were at the commencement of this Agreement,
        reasonable use and wear and tear thereof and damages by the elements excepted.

    19. QUIET ENJOYMENT. Tenant, upon payment of all of the sums referred to herein as
        being payable by Tenant and Tenant's performance of all Tenant's agreements contained
        herein and Tenant's observance of all rules and regulations, shall and may peacefully and
        quietly have, hold and enjoy said Leased Premises and the common use of the common
        areas for the term hereof.

    19. INDEMNIFICATION. Landlord shall not be liable for any damage or injury of or to
        the Tenant, guests, invitees, agents or employees or to any person entering the Leased
        Premises or the building of which the Leased Premises are a part or to goods or
        equipment, or in the structure or equipment of the structure of which the Leased Premises
        are a part, and Tenant hereby agrees to indemnify, defend and hold Landlord harmless
        from any and all claims or assertions of every kind and nature.

    20. DEFAULT. Landlord must provide notice of default to the Tenant. The Tenant shall
        have a limited number of days to cure any such default: (a) for the failure to pay rent or
        additional rent when due, Tenant shall have three (3) days to cure; (b) for the issuance
        of a court order by which the Leased Premises may be taken by another party, for the
        failure to perform any term in another lease between the Landlord and Tenant (e.g., a
        vehicle parking lease), for the failure to comply with any of the material provisions of
        this Agreement or of any present rules and regulations, for the failure to comply with any
        rules and regulations that may be hereafter prescribed by Landlord, or for the failure to
        comply with any duties imposed on Tenant by statute, the Tenant shall have five (5) days



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         to cure. If the Tenant does not cure the default within the required time frame, Landlord
         may terminate this Agreement by providing the Tenant with a notice of termination. The
         notice of termination must state the date the tenancy will end, which may be no fewer
         than three (3) days after the date of the notice of termination. Tenant must vacate the
         premises on or before the termination date specified in the notice of termination and must
         return the keys on or before that date. The Tenant's responsibilities under this Agreement
         continue until the termination date. In addition, if this Agreement is terminated,
         Landlord may, at Landlord's option, declare the entire balance of rent payable hereunder
         to be immediately due and payable and may exercise any and all rights and remedies
         available to Landlord at law or in equity.

    21. LATE CHARGE. In the event that any payment required to be paid by Tenant
        hereunder is not made in full within three (3) days of when due, Tenant shall pay to
        Landlord, in addition to such payment or other charges due hereunder, a "late fee" in the
        amount of Twenty-Five United States Dollars ($25.00) per day until rent is paid in full.
        Optional Language: Such “late fee” shall be considered additional rent. If Rent is
        paid by the 3rd day of the month for the month in which it is due, Landlord will waive the
        late fee for that month. Any waiver of late fees under this paragraph will not affect or
        diminish any other right or remedy Landlord may exercise for Tenant’s failure to timely
        pay rent. Further, any waiver of late fees under this paragraph shall not constitute a
        waiver of any future or past late charge.

    23. ATTORNEYS' FEES. Should it become necessary for Landlord to employ an attorney
        to enforce any of the conditions or covenants hereof, including the collection of rentals or
        gaining possession of the Leased Premises, Tenant agrees to pay all expenses so incurred,
        including a reasonable attorneys' fee, except that Tenant shall not be responsible for any
        fee of Landlord’s attorney in any representation with respect to the purchase option, or
        any exercise thereof by Tenant. Tenants hereby understand and agree specifically that
        such attorney may be Landlord, and in such instance, Tenants would remain responsible
        for all expenses so incurred, including such reasonable attorneys’ fee as Landlord would
        normally charge in such matters.

    25. GOVERNING LAW. This Agreement shall be governed, construed and interpreted by,
        through and under the Laws of the State of _____ [Instruction: Insert state.].

    26. SEVERABILITY. If any provision of this Agreement or the application thereof shall,
        for any reason and to any extent, be invalid or unenforceable, neither the remainder of
        this Agreement nor the application of the provision to other persons, entities or
        circumstances shall be affected thereby, but instead shall be enforced to the maximum
        extent permitted by law.

    27. BINDING EFFECT. The covenants, obligations and conditions herein contained shall
        be binding on and inure to the benefit of the heirs, legal representatives, and assigns of
        the parties hereto.




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    28. DESCRIPTIVE HEADINGS. The descriptive headings used herein are for
        convenience of reference only and they are not intended to have any effect whatsoever in
        determining the rights or obligations of the Landlord or Tenant.

    29. CONSTRUCTION. The pronouns used herein shall include, where appropriate, either
        gender or both, singular and plural.

    30. NON-WAIVER. No indulgence, waiver, election or non-election by Landlord under this
        Agreement shall affect Tenant's duties and liabilities hereunder.

    31. MODIFICATION. The parties hereby agree that this document contains the entire
        agreement between the parties and this Agreement shall not be modified, changed, altered
        or amended in any way except through a written amendment signed by all of the parties
        hereto.

    32. NOTICE. Any notice required or permitted under this Lease or under state law shall be
        deemed sufficiently given or served if sent by United States certified mail, return receipt
        requested and directed to the party at the address first set forth above.

         Landlord and Tenant shall each have the right from time to time to change the place
         notice is to be given under this paragraph by written notice thereof to the other party.

[Comment: Please note, this lease form does not contain a confidentiality clause. Parties should
consider whether same is advisable and/or permitted pursuant to applicable state statute, and if so,
whether or not the terms of the lease and the purchase agreement will remain confidential or
simply the lease terms.]


As to Landlord this ______ day of ________________________, 20_____.

LANDLORD:
_____
By: _____
Sign: ___________________________________ Print:
_________________________________ Date: ______________


As to Tenant, this ______ day of ________________________, 20_____.

TENANT ("Tenant"):
_____
By: _____

Sign: ___________________________________ Print:
__________________________________ Date: ______________

[Comment: As each jurisdiction has its own signatory requirements, no notary


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acknowledgement or witness lines are provided herein. Parties executing this document
should ensure the applicable signatory information is included prior to execution.]




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                                                       Exhibit A




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                                                      Schedule B




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                                                       Exhibit B




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Description: This attorney drafted document sets forth the terms of a lease between a Landlord and Tenant for a commercial premises, including Tenant’s purchase option right. This template commercial lease agreement contains both standard clauses as well as opportunities for customization to ensure that the understandings of the parties are properly set forth. Users can customize provisions regarding additional rent, common area charges, and common area usage, among others. This document should be used landlords or commercial tenants.