The holder of a Juris Doctor from Western New England University School of Law, Demetrios Panteleakis serves as president of Macmillan Group, LLC. Based in Springfield, Massachusetts, Demetrios Panteleakis manages the organization’s commercial leasing operations.
A commercial lease agreement is the starting point of a commercial tenancy and has several important components. The essential components include basic information about the lessor and lessee (names and addresses), a description of the leased premises including square footage, and the terms of the lease. The terms cover issues such as the deposit payable, monthly rent, common area maintenance charges, utility obligations, and purpose for renting the commercial space, among others.
What’s important to remember about the terms of the lease is that they should be set out very clearly, leaving no room for doubt, especially because they are binding contracts. For example, ensure clauses dealing with space are clear on what is rentable/usable space and also that any restrictions to renting purpose are clear about their scope.
Another thing to remember is that the terms are not cast in stone but rather are a starting point. They can be negotiated. For example, a lessee can negotiate terms regarding rent increases, his or her rights, renewal options, and the deposit payable.
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