What is an Office Lease Agreement?
An Office Lease Agreement is a contract between an owner of a property (the Landlord) and a party who wished to lease the property for the purpose of using it as an office space. This contract sets outs the terms and conditions of the lease such as rent and duration.
Parties to this Agreement
Landlord: owns the property
Tenant: wishes to lease the property and use it as an office
When to use this Office Lease Agreement?
When the Landlord wishes to lease out the property to a Tenant
Before completing this Agreement, please collect:
- Name and address of Landlord and Tenant
- Names of any representatives of the Landlord and Tenant who will be signing this Lease
- Address of the premises to be leased
- Determine the start and end date of the lease
- Determine what type of lease is required. A retail lease may be a:
- Net lease: the Tenant is responsible for all taxes, his share of the operating costs of the building and utility costs.
- Gross lease: the Landlord is responsible for the payment of all taxes, repairs, central heating and electricity
- Determine the rent and how it shall be paid
- A basic rent to be paid in either equal installments for the duration of the lease or be paid in gradually increasing/decreasing installments during the term
- Rent may also include:
- A rent-free period which may be taken at the beginning or end of the lease
- Determine the interest rate to be applied on any rent arrears (above the prime rate)
- If a net lease, determine the Tenant’s share of the building’s operating costs
- Name and brief description of the Tenant’s business
- Minimum insurance coverage to be held by the Tenant
- Amount of Tenant’s annual contribution to the Landlord’s promotion fund which is to be used for increasing foot traffic to the building
- Minimum and maximum temperature to be maintained in the premises by the Landlord
- Determine whether Tenant shall have access to parking as part of the lease or for an extra charge. If so, the number and type of parking (interior or exterior)
Specifications of this Lease
- The Tenant and Landlord may each be an individual, registered business, partnership or corporation.
- Attach a plan of the premises to “Schedule A” to this Lease.
- If any improvements are to be made to the premises by the Tenant, include a list of such improvements to Schedule “B”
- If any improvements are to be made to the premises by the Landlord, include a list of such improvements to Schedule “C”
- If the premises are subject to any building rules, include a copy of such rules to Schedule “D” to this Lease.
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