This Rental Agreement covers landlords renting real estate to tenants, and explains leased premises, invitees, rent, security deposit, permitted use, brokers, quiet enjoyment, subleases, disclaimers, entry of leased premises by the landlord, term and termination, holding over, force majeure, and general boilerplate for a rental agreement.
Comments:
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LEASE AGREEMENT
This Lease Agreement ("Agreement") is made as of March 11, 2010 (the "Effective Date") between , an individual with an address at , , ("Party-1"), and , a company with an address at , , ("Party-2").
This Agreement describes Party-1's rental of the Leased Premises to Party-2.
Party-1 and Party-2 therefore agree as follows:
1. DEFINITIONS.
(a) "Building" means the Building containing any and all Leased Premises.
(b) "Government Authority"
means any governmental authority or court, tribunal, agency,
department, commission, arbitrator, board, bureau, or instrumentality
of the United States of America or any other country or territory, or
domestic or foreign state, prefecture, province, commonwealth, city,
county, municipality, territory, protectorate or possession.
(c) "Law" means
all laws, statutes, ordinances, codes, regulations and other
pronouncements having the effect of law of any Government Authority.
(d)"Leased Premises" means the premises with the address and square footage described in this Agreement.
(a) Leased Premises. Party-2 leases the Leased Premises to Party-1 under this Agreement.The Leased Premises are located at the following address: TEXTFIELD [QR-169]. The Leased Premises consist of the following square footage: TEXTFIELD [QR-168]. [QR-172]
(b) Rent and Security Deposit. Party-1 agrees to pay the following rent to Party-2 in advance on a monthly basis: Party-1 agrees to pay the rent to Party-2 on the first day of each month during the Term. Party-1 agrees to provide the following security deposit to Party-2 on the Effective Date: [QR-171] Party-2's collection of any partial payment of rent does not constitute
an accord and satisfaction, and Party-2 is not prejudiced in collecting
the proper amount due.
(c) Permitted Use. Party-1 may only use the Leased Premises as follows: [QR-174]
(d) Brokers. Each
party represents and warrants to the other that it has not had any
dealings with any brokers, realtors, finders or agents in connection
with this Agreement. [QR-196]
(e) Quiet Enjoyment. Party-2 covenants that Party-1 will quietly hold, occupy and enjoy the Leased Premises.
(f) Sublease. Despite any contrary provision, Party-1 may sublease all or a portion of the Leased Premises to a third party. However, Party-1: (a) must first require the sublicensee in writing to comply with all of the requirements of this Agreement that apply to Party-1, and to acknowledge that the sublicensee cannot further sublicense the Leased Premises; (b) is responsible for its sublicensees' compliance with and breach of this Agreement as if the sublicensees' acts and omissions were the Party-1's own; and (c) may not have more than one (1) sublicensee at any time. [QR-194] (g) Disclaimer. EXCEPT AS EXPRESSLY
STATED IN THIS AGREEMENT, PARTY-1 AND PARTY-2 EACH MAKE NO
REPRESENTATIONS AND EXTEND NO WARRANTIES OR COVENANTS OF ANY KIND,
EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 3.SURRENDER OF LEASED PREMISES.
Prior to the end of the Term, Party-1 must remove all personal property (excluding fixtures, which remain part of the Leased Premises) [QR-176] from the Leased Premises at Party-1's sole cost and expense.
Party-1 shall, at its expense, promptly repair any damage caused by
removal. If Party-1 fails to remove all personal property from the Leased Premises within ten (10) days [QR-177]
following Party-1's receipt of Party-2's notice demanding removal and
describing the property,
then the personal property is deemed to be abandoned, and ownership,
title and risk of loss in the abandoned personal property transfers to
Party-2, who may retain the personal property or dispose of it and
invoice Party-1 for the costs of disposal.
4.ENTRY OF LEASED PREMISES BY LANDLORD. Party-2, its agents and any mortgagee of the Building, shall have the right to enter any part of the Leased Premises at reasonable times after giving reasonable advance notice [QR-181]
(except in the case of emergency when no notice shall be required) for
the purposes of examination or inspection, showings for prospective
purchasers, mortgagees or tenants, or making repairs, alterations or
improvements to the Leased Premises or the Building as Party-2 may deem
reasonably necessary or as required by applicable Law.
5. TERM AND TERMINATION.
(a) Term and Holding Over.
(i) Term. The term of this Agreement (together with any renewals, the "Term") begins on the Effective Date and expires one (1) year [QR-24] later. Immediately
upon expiration this Agreement automatically renews on the same terms
and conditions for additional successive periods of one (1) year on
each anniversary of the Effective Date, unless either party gives the
other party notice that the Agreement does not renew at least thirty
(30) days before the end of the then applicable Term. [QR-18] (ii) Holding Over. If Party-1 holds over and remains in the Leased Premises after the end
of the Term, but continues to timely pay rent (as required by this
Agreement) which is accepted by Party-2, then the Term is automatically
amended to be on a month-to-month basis, and either party may terminate
this Agreement on thirty (30) days prior notice. If so terminated,
Party-1 must vacate and surrender the Leased Premises to Party-2 before
the end of this thirty (30) day period. If Party-1 holds over but
Party-2 rejects the rent, then Party-1 must vacate and surrender the
Leased Premises to Party-2 immediately.
(b) Survival.
The following captioned sections survive any termination, expiration or
non-renewal of this Agreement: "Disclaimer", "Survival" and
"General", as well as any other provisions expressly stating that they are perpetual or survive this Agreement. (c) Termination for Insolvency.
If either party is adjudged insolvent or bankrupt, or upon the
institution of any proceedings by it seeking relief, reorganization or
arrangement under any Laws relating to insolvency, or if an involuntary
petition in bankruptcy is filed against a party and the petition is not
discharged within sixty (60) days after filing, or upon any assignment
for the benefit of a party's creditors, or upon the appointment of a
receiver, liquidator or trustee of any of a party's assets, or upon the
liquidation, dissolution or winding up of its business (each, an "Event of Bankruptcy"),
then the party affected by any Event of Bankruptcy must immediately
give notice of the Event of Bankruptcy to the other party, and the
other party may terminate this Agreement by notice to the affected
party.
(d) Termination for Breach.
If either party breaches any provision contained in this Agreement, and
the breach is not cured within thirty (30) days after the breaching
party receives notice of the breach from the non-breaching party, the
non-breaching party may then deliver a second notice to the breaching
party immediately terminating this Agreement.
[QR-17] 6.FORCE MAJEURE. Any failure or
delay by a party in the performance of its obligations under this
Agreement is not a default or breach of the Agreement or a ground for
termination under this Agreement to the extent the failure or delay is
due to elements of nature or acts of God, acts of war, terrorism,
riots, revolutions, or strikes or other factor beyond the reasonable
control of a party (each, a "Force Majeure Event"). The party failing
or delaying due to a Force Majeure Event agrees to give notice to the
other party which describes the Force Majeure Event and includes a good
faith estimate as to the impact of the Force Majeure Event upon its
responsibilities under this Agreement, including, but not limited to,
any scheduling changes. If the Force Majeure Event causes all or a portion of the Leased Premises to be unable to be used for the Permitted Use, or otherwise causes a failure to comply with this Agreement, and continues to occur for more than thirty (30) days after notice of the Force Majeure Event has been provided by one party to the other, then the rent and unused utilities abate (i.e., are not required to be paid) on a per diem (i.e., daily) basis, for each day after the notice was provided until the Agreement is complied with. [QR-190]
7.GENERAL.Entire Agreementand Amendments.
This Agreement is the entire agreement between the parties and
supersedes all earlier and simultaneous agreements regarding the
subject matter. This Agreement may be
amended only in a written document, signed by all parties. Assignment. This Agreement binds and inures to the benefit of the parties' successors and assigns.
IN WITNESS WHEREOF, the parties execute this Agreement
as of the Effective Date. Each person who signs this Agreement below
represents that such person is fully authorized to sign this Agreement
on behalf of the applicable party.