A North Dakota Commercial Lease Agreement for Building to be Erected by Lessor is a legal document that outlines the terms and conditions of leasing a commercial space in North Dakota, where the lessor agrees to construct a new building on the leased premises. This agreement is commonly used when a tenant wants a custom-built space for their business needs. The agreement typically starts with the identification of the parties involved, including the lessor (property owner) and lessee (tenant). It also includes a comprehensive description of the property to be constructed, including its size, location, and any specific requirements or features requested by the lessee. The lease agreement then outlines the construction timeline, responsibilities, and obligations of both parties. It includes provisions for the construction period, cost estimates, and timelines for completion. It may also include specifications for materials, design plans, and permits required for construction. In addition, the agreement defines the lease term and rent payment terms. It specifies the commencement date of the lease, the duration, and options for renewal. The rent amount, payment schedule, and any additional fees or charges are also clearly stated. Other important terms commonly included in a North Dakota Commercial Lease Agreement for Building to be Erected by Lessor are: 1. Maintenance and Repairs: The responsibilities for maintenance, repairs, and improvements are specified, including who is responsible for general upkeep, structural repairs, and utility costs. 2. Insurance and Indemnification: It outlines the insurance requirements for both parties, including liability insurance and property insurance coverage. It may also include provisions for indemnification, which protects each party from claims arising from their actions or negligence. 3. Default and Termination: The agreement defines the consequences of default by either party, including the remedies available and the process for resolving disputes. It also states the conditions under which the lease can be terminated, such as non-payment of rent or violation of lease terms. 4. Utilities and Services: The agreement specifies the utilities and services provided by the lessor, such as water, electricity, heating, and garbage disposal. It may also address any additional charges for these services. Different types of North Dakota Commercial Lease Agreements for Building to be Erected by Lessor can vary based on factors such as the duration of the lease, rent payment structure, and specific requirements of the lessee. Some variations may include: 1. Fixed-Term Commercial Lease Agreement: This type of agreement establishes a specific lease term, typically ranging from one to ten years, with fixed rent payments and predetermined conditions for renewal or termination. 2. Percentage Lease Agreement: In this type of agreement, the rent is determined as a percentage of the lessee's gross sales. It is often used in retail businesses where the rental amount fluctuates based on the success of the tenant's business. 3. Triple Net Lease Agreement: A triple net lease places the responsibility for property taxes, insurance, and maintenance costs on the lessee, in addition to the base rent. This type of agreement is commonly used in commercial real estate where the tenant has a long-term lease. 4. Build-to-Suit Lease Agreement: This agreement involves the lessor constructing a building based on the lessee's specifications and requirements. It typically includes detailed plans and timelines for construction, and the lease commences upon completion of the building. It is important to note that the specific terms and customized clauses can vary depending on the agreement reached between the lessor and lessee, as well as other applicable laws and regulations in North Dakota.
North Dakota Commercial Lease Agreement for Building to be Erected by Lessor
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The lessor in a lease agreement is the person or legal entity who grants a lease to an individual or family, often a lease on a property. The lessor is the owner of the asset in the lease agreement.
The Introduction. The beginning of the lease agreement should contain the name of the landlord and tenant, as well as a statement of the agreement into which they are entering. The introductory paragraph should also include the address of the property being leased, as well as the start and end dates of the lease.
A lessee is a person who rents land or property from a lessor. The lessee is also known as the tenant and must uphold specific obligations as defined in the lease agreement and by law.
What Are Lease Clauses? A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.
Essential Lease Clauses In Your California Rental AgreementRental Agreement vs. Lease.Ownership of Inhabitancy.Mode of Communication.Description of Rental Property.Rent.Deposits & Fees.Repairs and Maintenance.Restricting tenant's illegal activities.More items...?
Description of Premises Clause This commercial lease clause identifies the space the tenant will occupy.
This lease structure makes the tenant responsible for the majority of costs. Specifically, the tenant pays the base rent, property but also taxes, insurance, utilities, and maintenance. This even includes standard property repairs associated with the commercial space being occupied.
Here are 10 key financial commercial lease clauses that you should keep a close eye on throughout your lease term.Rent And Default.Rent Increase Steps/Percentages.Profit-Sharing Or Revenue-Based Rent.Options.Operating Expenses.Rent Incentives And Reimbursements.Janitorial Services.Electricity.More items...?
The lessor is the legal owner of the asset or property, and he gives the lessee the right to use or occupy the asset or property for a specific period.
In a lease agreement, the lessor is defined as the party that receives payments in exchange for the usage of its asset or property. The lessee is the party that pays the lessor for the use of the asset or property.