Agreement to Lease Commercial Property on Condition that Lessee Make Alterations and Repairs by pellcity27

VIEWS: 57 PAGES: 3

More Info
									                   Agreement to Lease Commercial Property on
                Condition that Lessee Make Alterations and Repairs

Agreement made on the (date), between (Name of Lessor) of (street address, city,
county, state, zip code), referred to herein as Lessor, and (Name of Lessee), of (street
address, city, county, state, zip code), referred to herein as the Lessee.

Whereas, Lessor is the owner of the premises located at (street address, city, county,
state, zip code) hereinafter referred to as the Premises and which are further described
below; and

Whereas, Premises are subject to a lease dated (date of lease), made between the
Lessor and (name of current lessee), by which the Premises were leased for a term of
(number) years, which lease will expire on (date of expiration of current lease); and

Whereas, Lessee desires to lease the Premises after the expiration of the term of the
current lease;

Whereas, Lessor is willing to lease the Premises to Lessee on the condition that the
Lessee making certain alterations and repairs;

Now, therefore, for and in consideration of the mutual covenants contained in this
agreement, and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties agree as follows:

I.     Agreement to Lease. Lessor agrees to lease to Lessee, and Lessee agrees to
lease from Lessor, the Premises which include the land and building described in
Exhibit A attached hereto, together with all easements, rights, improvements, and
appurtenances.

II.    Alterations and Repairs. Lessee shall, within (number) days after the date of
this Agreement, make the alterations and repairs specified in the Schedule attached
hereto as Exhibit B. Lessee shall effect such repairs and alterations to the satisfaction
of (name of architect), Lessor's architect, and pay his/her fees not to exceed
$__________. Lessee shall be entitled to enter upon the Premises on the day following
the expiration of the existing term, but the granting of this Lease is conditional upon
Lessee’s completing the alterations and repairs on or before (date). If said alterations
and repairs shall not be made on or before (date), Lessor shall be entitled to reenter the
Premises, and all the interest of the Lessee in the Premises shall then terminate, and
Lessor may recover possession of the Premises by legal process if necessary.

III.   Contents of Lease. Within (number) days from the date of the acceptance of
this Agreement, Lessor shall tender to the Lessee a lease of the Premises in the form
and with the terms as that certain draft of lease attached hereto as Exhibit C. Within
(number) days from the receipt of such draft of lease, Lessee shall either execute the
same as described in Section IV below.

IV.    Execution of Lease. The Lease shall be executed by the Lessor and the Lessee
when so required by either party after the completion of the alterations and repairs
specified in Exhibit B.

V.      Mandatory Arbitration. Notwithstanding the foregoing, and anything herein to
the contrary notwithstanding, any dispute under this agreement shall be required to be
resolved by binding arbitration of the parties hereto. If the parties cannot agree on an
arbitrator, each party shall select one arbitrator and both arbitrators sha
								
To top