South Dakota Addendums to Shopping Center Lease

• Category: Landlord Tenant - Commercial Leases - Shopping Centers
• State: Multi-State
• Control #: US-60947
• Format: Word; Rich Text

Description

This document provides addendums to a shopping center lease. The tenant agrees to pay as an additional charge each month for its proportionate share of the reasonable cost of operation, repair and maintenance of the common area (including, among other costs, those incurred for lighting, water, sewerage, sanitary control, painting, cleaning, paving, removal of snow, ice, trash and garbage, policing, landscaping, repairing, replacing guarding and protecting clothes) which may be incurred by the landlord and five percent (5%) of the foregoing costs to cover the landlord's and administration and supervisory costs.

South Dakota Addendums to Shopping Center Lease are legal documents that serve to modify or supplement the terms and conditions outlined in a shopping center lease agreement specifically in the state of South Dakota. These addendums are crucial for both landlords and tenants to ensure that their respective rights and obligations are clearly defined and to address specific concerns or requirements that may be unique to South Dakota. One common type of South Dakota Addendum to Shopping Center Lease is the "Renewal Addendum." This addendum provides provisions and guidelines related to the lease renewal process. It outlines the conditions under which the tenant can exercise their option to renew the lease, the notice period required, any rent adjustment procedures, and other pertinent details. Another type of addendum is the "Use Restrictions Addendum," which specifies any restrictions or limitations on the tenant's use of the leased premises. This might include restrictions on the type of business or activities allowed, compliance with local ordinances and laws, noise limitations, or any other regulations deemed necessary by the landlord or shopping center management. The "Maintenance and Repair Addendum" is highly important as it outlines the responsibilities and obligations of both the landlord and the tenant regarding maintenance and repair of the leased premises. It details who will be responsible for repairs, including structural, electrical, plumbing, and other maintenance needs. It may also highlight the importance of regular inspections and routine maintenance to ensure the shopping center's overall appearance and functionality. Another significant South Dakota Addendum to Shopping Center Lease is the "Insurance Requirement Addendum." This addendum specifies the insurance coverage that the tenant must obtain to protect against potential liabilities. It may include general liability insurance, property insurance, workers' compensation insurance, and any other coverage deemed necessary by the landlord or the shopping center's insurance requirements. The "Common Area Maintenance (CAM) Addendum" entails the tenant's financial responsibilities towards the maintenance and upkeep of common areas within the shopping center, such as parking lots, hallways, restrooms, and shared facilities. This addendum outlines how the CAM expenses are calculated, billed, and shared among tenants and the landlord. Lastly, the "Assignment and Subletting Addendum" provides guidelines and restrictions on whether the tenant can transfer their lease rights to another party or sublease the premises to a third party. It clarifies the conditions that need to be met, such as obtaining prior approval from the landlord, providing financial documentation, and ensuring the new party assumes all tenant liabilities. In conclusion, South Dakota Addendums to Shopping Center Lease are essential legal documents that help tailor lease agreements to meet state-specific requirements. These addendums address crucial aspects such as lease renewal, use restrictions, maintenance and repair, insurance requirements, common area maintenance, and assignment and subletting. Both landlords and tenants must thoroughly review and understand these addendums to ensure a smooth and mutually beneficial leasing experience in a South Dakota shopping center.