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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
				
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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.