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 With Option To Purchase In Salt Lake
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State:
Multi-State
County:
Salt Lake
Control #:
US-00449
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Word;
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FAQ
For example, a tenant and landlord may agree to a five-year lease with a five-year option to renew. At the end of the first five years, the tenant is given the chance to continue the lease for another five years. If you think you may renew, be sure to bring up extension provisions with your landlord.
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.
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.
An option clause is a term in a commercial lease that allows a tenant to renew their lease at the end of the original lease period, if they meet certain conditions. Landlords are not obliged to offer a renewal option.
An option to renew gives the tenant the right to extend the lease term for a specified period and rent, usually subject to certain conditions. An option to renew can benefit both parties by providing flexibility, stability, and security.
Flexible path to buying a home: A lease option could be a suitable alternative if you aspire to become a homeowner but can't quite afford it just yet. Using this type of contract, you get a little more time to potentially save toward the down payment or work to improve your credit.
A financial agreement that gives someone the right to buy property or land within an agreed time and for an agreed amount, especially after they have rented it for a particular amount of time: The city leased the building to Rescue Ministries in 2009 with an option to buy.
Related Definitions Annual Lease Payments means, for each 12-month period ending on August 1, the total Lease Payments due in such period.
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Tenant agrees to lease from Owner the premises located in Salt Lake City, Salt Lake County, Utah, described as Parcel no. 00-00-. This Commercial Lease Agreement (hereinafter, the "Lease") is a legal and binding contract.Option agreements entail that the buyer-tenant has a choice to purchase the property once the rental agreement period concludes after paying an option fee. A Commercial Lease with Option to Purchase is a legal document that gives tenants a path to ownership. Make yours for free and sign online or download. Download free Utah commercial lease agreement template online. These forms are fillable, printable, and available as PDF or WORD documents. Determine the amount of rent, payment frequency, and acceptable payment methods. This Lease Agreement ("Agreement") is entered into this ____ day of ______ 2022, between. 3. Options: Tenant shall have two (2)five (5) year options to extend the term of the Lease.