Essay on Important guidelines for the rental of commercial building

The whole commercial building is under the rent for business purposes. The rental may by a single person or group of people that are paying the rent for running their business at this place. All of those persons that are going to use this building have to pay the rent and also sign this contract. You must have to keep one thing in your mind is that once you sign the contract then you will be responsible for all the functions. The renter is going to pay the rent for five years. The next thing is that the rent of the whole building will be increased by 20% every year. The renter will be responsible for paying the power and water bill. But the security will be provided by the owner of the building.

The schedule for the fee structure is attached.

Terms and conditions

The renter is going to rent this whole building for 5 years, the annual rent for the whole building will be about __________ dollars( ________ )$. This rent will be payable in complete equal installments and advance will be paid on the first day of each month. All of these payments will be paid at the address of the owner.

1.      Option for renewing the contract

This right will be given to the owner after analyzing the performance of the renter. Tenant of the building has the option to renew this contract for the ______ number of times. Another thing is that all terms and conditions should be applied to that contract during the renewal.

2.      Use of the building

·         The renter is going to occupy this building for legal business purposes. This building should not be used for another purpose.

·         The rent should be paid for the whole building. The renter can use the whole building but he must have to specify the purpose before using that place.

·         The number of the person that is permitted in the building that must be specified in the fee schedule. This number should not be exceeded by that value.

3.      Maintenance of the whole building

The renter will be responsible for any damage to the building after the given time. The renter has to maintain the whole building before leaving it. If the renter was unable to do so then strict conditions will be applied.

The renter will be responsible for all kinds of repairs expect the exterior wall, roofs and structural foundation. All of the other things must be maintained by the renter. He also has to maintain the good condition of the other portions of the building like garage, shrubbery and sidewalks.

4.      Utilities of Important guidelines for the rental of commercial building

All of the connections and applications that are necessary for the renter for running its business should be applied by the owner on its name only. Moreover, the renter must be solely liable for all kinds of utility chargers. All of these bills include sewer, water, power, electricity and also for telephone services.

Inspection and entry

The renter has to allow the owner to enter the building at a reasonable time for the sake of inspection. Before entering the building reasonable notice must be given by the owner.

5.      Possession of Important guidelines for the rental of commercial building

Now if the owner is unable to deliver the possession of the whole building, then the owner should not be liable for any damage. On the other hand, the renter will not be liable for any rent until the delivering of the possession. Moreover, the renter may terminate the lease if the possession is not delivered at the required time. The required time limit is about 120 days.

6.      Indemnification of owner of Important guidelines for the rental of commercial building

The owner of the building is not allowed to damage the place or also injured the renter of any person related to him. The renter has the right to use against any kind of unlawful act of the owner of the building.

7.      Insurance of Important guidelines for the rental of commercial building

The renter has to provide the owner with a complete insurance certificate. This certificate must contain information related to additional insured. Moreover, this certificate must be provided for the ten-day written notice.

8.      Benefit from gross profit of Important guidelines for the rental of commercial building

The owner has the right about the gross profit sharing, this means that whatever the business that he is doing in that building he has to share 35% of the gross profit with the owner. For that case, special terms and conditions must be applied by the renter.

9.      Damage to the building of Important guidelines for the rental of commercial building

If the renter is involved in any type of damage like gas blast or other damager related to its business then he will be responsible for that. The owner has the right to apply strict laws against him. The owner can also terminate the whole contract. There will be limited time for repairing the whole building. The required time is about 60 days. If the building is not repaired within 60 days then the owner can put the plenty according to the laws. The owner of the building has the right to terminate the offer when the reasonable time has been passed.

10.  Remedies by owner of Important guidelines for the rental of commercial building

·         If the renter is unable to pay the rent on time then the owner has the right to put a planet on him that is in the form of additional rent.

·         If the renter is unable to pay the rent on time due to its personal problems then he have to inform the owner before time.

·         If the reason is valid then the extra time for paying the rent will be about fifteen days. All rent should be paid within this time to refrain from any kind of lawful act against him.

·         Moreover, if the renter wanted to leave the building then he have to inform the owner. The time will be about one month before leaving the building.

·         If the renter wanted to add some new things in the building then he have to inform the owner before doing.

11.  Notices of Important guidelines for the rental of commercial building

Any notice that is going to be given by the owner is should be placed at the given postal address given by the renter and also a copy will be submitted at the real property.

12.  Heirs of Important guidelines for the rental of commercial building

The renter of the building is going to binding upon to the benefits of assigns in their interest.

13.  The entire contract of Important guidelines for the rental of commercial building

The following agreement between the two parties can be modified only by a writing signed by both parties

Signing date_______________

RENTER:                                                                            OWNER:

By:    ________________                                                  By:    __________________

       _________________                                                          ___________________

Address: ______________________                                      ___________________________

Signature of Renter                                                    Signature of Owner

______________________                                     ___________________________