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Commercial Lease: 12 Terms Explained (part 4)
This is the final part of 12 terms explained in commercial lease agreements.
Landlords will normally get their solicitors to draft a lease agreement, but that doesn’t mean that the wording in the lease can not be negotiated. It is important that you speak to your solicitor and explain what you would like to include in the lease agreement. Your solicitor will help you think of what should be in the lease and what aspects of the lease could help you and your business. Here are 3 terms you could include in a lease agreement:
10 – Security Deposit Clause
With commercial property leasing, landlords are free to request any amount for a deposit payment. However, security deposit clauses are a way to reduce the deposit amount. The clause could allow you to use a letter from the bank in order to cover part of the deposit – the bank will make a certain amount available to the landlord, should you fail to meet your financial obligations.
11 – Rent Clause
The rent clause is one of the most important parts of a commercial lease agreement. It might seem like we’re stating the obvious but the reason why it is so significant is because it is an area you can think about prior to agreeing to the contract and negotiate the terms in the clause. For instance, you can negotiate when rent should be increased and how much.
12 – Sublease
With a sublease clause allows you to sublease part of the property. You get to share part of the space with another lessee and that can help you with the rent bill and other utility bills. Many tenants choose to sublet space in a shop by putting up shelves and literally letting the shelves space to another business. It’s a great way to share the cost of running a shop.
If you would like to discuss aspects of your commercial lease agreement and would like support with negotiating with your landlord, please give us a call.
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