This form is a commercial lease. The tenant shall pay all rent when due and payable, without any setoff, deduction or prior demand therefor whatsoever. Any payment by tenant or acceptance by the lessor of a lesser amount than shall be due from the tenant to the lessor shall be treated as payment on account. The acceptance by the lessor of a check for a lesser amount with an endorsement or statement thereon, or upon any letter accompanying such check, that such lesser amount is payment in full, shall be given no effect, and the lessor may accept such check without prejudice to any other rights or remedies which the lessor may have against the tenant.
Pennsylvania Commercial Lease
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State:
Pennsylvania
Control #:
PA-0005
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Word;
Rich Text
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FAQ
Single net lease. A single net lease, or net lease, is an arrangement where the tenant pay for utilities and property taxes. Double net or NN lease. A double net or NN lease is similar. Triple net or NNN lease. Full-service gross or modified lease.
The process for retailers qualifying for a commercial lease can vary from landlord to landlord. Landlords consider several factors including tenant mix, personal credit history of the owner, company balance sheet, profit and loss statements, open credit lines, and growth projections.
If the commercial tenant is a shell corporation and/or does not have any assets of value, the commercial tenant may choose to walk away from its commercial lease obligations.Often the landlord will require guarantees in order to prevent a commercial tenant from walking away from its lease obligations.
A Triple Net Lease (NNN Lease) is the most common type of lease in commercial buildings. In a NNN lease, the rent does not include operating expenses. Operating expenses include utilities, maintenance, property taxes, insurance and property management.
A typical commercial lease is a 5 and 5, meaning a 5 year lease, with an option to renew for another 5 years. Options usually must be exercised by writing a letter to the landlord some months before the initial lease term expires, expressly exercising the option.
You will need to explain your situation to the committee and they may grant you the cancellation by their own verdict. Usually, early termination imposes a couple of months rent as a penalty to the tenant who wants to break the contract before its lapse.
Summary. There are different types of leases, but the most common types are absolute net lease, triple net lease, modified gross lease, and full-service lease. Tenants and proprietors need to understand them fully before signing a lease agreement.
Every commercial tenant doesn't necessarily need a sterling credit history to lease space from you. But it's good to know what you're getting into ahead of time. Assessing credit helps you know when to add appropriate protections into a tenant's lease agreement.
Triple Net Lease Arguably the favorite among commercial landlords, the triple net lease, or NNN lease makes the tenant responsible for the majority of costs, including the base rent, property taxes, insurance, utilities and maintenance.