This office lease form states that the Landlord shall not lease or sublease any other space in the building, during the term of the lease or any renewal to any party that can reasonably be deemed a competitor of Tenant.
Guam Provision Limiting Rights of Landlord to Lease Space in the Building to Tenant Competitors
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How to fill out Provision Limiting Rights Of Landlord To Lease Space In The Building To Tenant Competitors?
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FAQ
A commercial lease provision prohibiting a tenant from opening a like business operation within a particular radius of the leased premises for a specified period of time. Radius restriction clauses are common in commercial leases with percentage rent provisions such as: Shopping center leases.
An exclusive use clause, or ?exclusive,? reflects the agreement of the landlord to allow any other tenants within the shopping center to use their respective premises for a specific use, whether selling certain products or providing certain services.
For example, if the tenant requesting the exclusive use provision is a Starbucks, it might specifically request that the landlord not lease any of the other premises in the shopping center to specifically named competitors such as Dunkin Donuts.
Commercial leases, particularly leases in retail shopping centers, often contain provisions (known as "use exclusives") that prevent the landlord from leasing space in the same mall, center, or area to a business that sells products or services similar to those sold by an existing tenant.
The option to expand is an expansion clause that allows the tenant to reserve a space for future use, at no additional cost, within a defined time period. If the tenant fails to make use of the space in that time period, the landlord has the right to market and lease the space to a third party.
An exclusive use provision allows a tenant to use its premises for an intended specific use (for example, as a restaurant, clothing store or electronics retailer), and restricts other tenants in the shopping center from using their premises for the same or a similar use.
Use Clauses This clause defines how the tenant can and can't use the property they're leasing. The use clause may be very specific, so it's important that you read its terms carefully.
A Standard Clause for use in an office lease agreement to define the permitted uses of the leased premises. This permitted use clause discusses exclusivity, rules and regulations, compliance with laws, and prohibited uses.
