A Nevada commercial lease agreement is a written contract that details the terms of a lease agreement between a commercial property owner and a business entity that wishes to occupy the property. This lease agreement records details such as the date the contract is signed, the names of the individuals or business entities entering the contract, the rent the lessee or tenant would have to pay every month, and who will handle the expenses associated with the commercial spaces.
Since a regular commercial lease, in its initial term, may last anywhere from 5 to 10 years a commercial lease agreement is usually longer and more comprehensive than a regular residential contract it is advised to seek the help of a real estate lawyer or agent when filling in the contract.
The Parties involved
A contract without information about the individuals or entities who are agreeing to the contract is incomplete. This section of the document must contain the names and mailing addresses of the individuals who are going into the contract who may be collectively referred to as “the parties”. It should also contain the date the contract was signed.
After information on the parties what comes next is the information on the property the lessee is agreeing to let the lessor make use of for a while in exchange for monthly rent payments. This section must provide at the very least:
The street address of the property.
The size of the property.
The type of commercial property to be leased could be an office space, a retail space, an industrial space, etc
It may also contain a short written description of the property containing information about any important details or features of the commercial space to be leased.
Use of leased premises
In a commercial lease agreement, the lessee is usually a business entity seeking to operate their business in the commercial space they wish to rent, due to this fact a lessee might have various purposes for which they might use the commercial space, and its a guarantee that the not all lessors may approve of all such purposes.
This section of the document is where the lessor indicates for what purposes they will allow the lessee to use their property, a lessor will either let the lessee use their property for one specific purpose or all purposes as long as they are legal.
It goes without saying that if the lessee is only allowed to use the commercial space for a specific purpose the lessor must indicate this specific purpose in the commercial lease agreement.
This section of the property is where the net monthly rent the lessee is expected to pay is indicated, it also contains information about the percentage rent if the lessor requires the lessee to pay it in addition to the base monthly rent.
Here the lessor indicates if there will be a security deposit required from the lessee and if thee will be the amount required of the lessee as the security deposit. The security deposit will be held in escrow as security for the performance of the lessee during the lease term.
Seeing as a commercial lease lasts far longer than the 6-12 months of a residential lease and may last up to anywhere from 5 years to 10 years it is necessary to include in the lease the exact duration of the lease.
The terms of the lease document not only the lease start date but also the lease end date and the number of years for which the lease is valid.
No legally binding contract is complete or binding without the signatures of the parties involved in the contract as well as the date the contract is signed. The commercial lease agreement must contain the signatures and full names of both the lessee and lessor as well as the date they signed the agreement.
The first step of drafting and using the Nevada commercial lease is to download a free standard template of the contract from either of the links at the bottom of this article conversely you could use our document creator to create one customized to your needs.
After that, the next thing to do is to print out a few copies for use. Take one and fill in all the required information it is advised to seek legal help while doing this to avoid errors.
Once the form has been filled out and both parties are satisfied they may sign it and keep some copies for their records.
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