This form is for the lease of commercial property. The lessor and lessee will indemnify and save harmless the other from any and all losses, fines, suits, damages, expenses, claims, demands and actions of any kind resulting from their negligence, breach, or violation or non-performance of any condition of the contract.
Commercial Lease Agreement Application With Option To Buy In Phoenix
Category:
State:
Multi-State
City:
Phoenix
Control #:
US-00449
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
There is no law regulating what kind of advance notice, if any, is required to stay on or vacate when the lease ends. On occasion a lease will state that it automatically renews unless either party gives notice otherwise. More frequently, a 30-day or 60-day notice must be provided by one party to the other.
There are many reasons why a Landlord and Tenant may choose to include an “option” in a commercial lease. The most common type of option is one that gives the Tenant the right to extend the lease term, usually for additional — sometimes two or more — terms of equal length to the original term.
The notice typically includes the address of the rental property, a clear statement of intent to end the lease, and the effective date of termination, which should be at least 30 days from the date of the document. Signatures of the parties involved are necessary to validate the termination letter.
The landlord tenant laws that allow you to break a lease are different from state to state. In many places, you can get out of your lease without penalty for a number of reasons, such as domestic violence, an unsafe environment, or if you've been called up for military service.
Tenants can break a lease in Arizona as long as they meet one of the requirements we'll explain below: Uninhabitable Unit. Active Military Duty. Early Lease Termination Clause. Landlord Harassment. Domestic Violence.
An option clause is a commercial or retail lease provision allowing the tenant to renew the lease at the end of the original term, provided certain conditions are met.
An option clause is a term in a commercial or retail lease, permitting a tenant to renew their lease at the end of the initial lease period.
In summary, while there are benefits to leasing, the primary disadvantage is that you do not gain ownership or build equity over time, leading to a situation where you have ongoing payments with no eventual payoff.
Disadvantages of Leasing: Lack of ownership, long-term financial commitments, and potential early termination liabilities can make leasing less favourable in some cases. Evaluate Carefully: Weigh the pros and cons of leasing to determine if it aligns with your business's financial and operational goals.