Fillable Kentucky Commercial Lease Agreement

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Kentucky Commercial Lease Agreement

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  • 11 check-boxes
  • 82 other fields

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Kentucky Commercial Lease Agreement
This Lease Agreement made the ____ day of _________________,
20____, by and between _____________________________________ [name
of lessor], of ________________________________________________ [street
address], State of ________________, hereinafter referred to as "Lessor", and
_____________________________________ [name of lessee], of
________________________________________________ [street address],
State of ________________, hereinafter referred to as "Lessee", collectively
referred to herein as the “Parties”, agree as follows:
I. Property: The Lessor agrees to lease to the Lessee the following
described _________ square feet (SF) of _____________ [type of
space] located at ______________________________
___________________________ [street address], State of Kentucky.
Additional Description:
______________________________________________
Hereinafter known as the “Premises”.
II. Lease Duration Length: The term of this Lease shall be for a period
of ____ year(s) ____ month(s) commencing on the ____ day of
_________________, 20____ and expiring at Midnight on the ____
day of _________________, 20____. (“Initial Term”)
III. Base Rental Payment: The net monthly payment shall be
__________________ dollars ($_______________), payable monthly
with the first payment due upon the commencement of the Lease and
each monthly installment payable thereafter on the ____ day of each
month. Said net monthly payment is-hereafter referred to as the "Base
Rent". Rent for any period during the term hereon, which is for less
than 1 month shall be a pro-rata portion of the monthly rent.
IV. Premises: The Lessor is leasing the Premises to the Lessee and the
Lessee is hereby agreeing to lease the Premises for the following use
and purpose:
________________________________________________________
________________________________________________________
________________________________________________________.
Any change in use or purpose the Premises other than as described
above shall be upon prior written consent of Lessor only.
V. Security Deposit: In addition to the above, a deposit in the amount of
______________________ dollars ($__________________), shall be
due and payable in advance or at the signing of this Lease, hereinafter
referred to as the “Security Deposit”, and shall be held in escrow by the
Lessor in a separate, interest-bearing savings account as security for
the faithful performance of the terms and conditions of the Lease. The
Security Deposit may not be used to pay the last month’s rent unless
written permission is granted by the Lessor.
VI. Renewal Option: (Check One)
☐ - Lessee may not renew the Lease.
☐ - Lessee may have the right to renew the Lease with a total of ____
renewal period(s) with each term being ____ year(s) ____ month(s)
which may be exercised by giving written notice to Lessor no less than
60 days prior to the expiration of the Lease or renewal period.
Rent for each option period shall: (Check One)
☐ - Not increase.
☐ - Increase as calculated by multiplying the Base Rent by the
annual change in the Consumer Price Index (CPI) published by
the Bureau of Labor Statistics by the most recent publication to
the option period start date.
☐ - Increase by ____%
☐ - Increase by ___________________ dollars
($_______________)
VII. Expenses: [Check and Initial whether this Lease is Gross, Modified
Gross, or Triple Net (NNN)]
☐ - Gross. Tenant’s Initials _____ Landlord’s Initials _____
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It is the intention of the Parties that this Lease be considered a “Gross
Lease” and as such, the Base Rent is the entirety of the monthly rent.
Therefore, the Lessee is not obligated to pay any additional expenses
which includes utilities, real estate taxes, insurance (other than on the
Lessee’s personal property), charges or expenses of any nature
whatsoever in connection with the ownership and operation of the
Premises. The Lessor shall be obligated to maintain the general
exterior structure of the Premises, in addition, shall maintain all major
systems such as the heating, plumbing, and electrical. The parking
area shall be maintained by the Lessor including the removal of any
snow or environmental hazards as well as the grounds and lands
surrounding the Premises. The Lessor shall maintain at their expense
casualty insurance for the Premises against loss by fire which may or
may not include any extended coverage. The Lessee will provide and
maintain personal liability and property damage insurance as a lessee,
at least to the limits of One Million Dollars ($1,000,000.00), that will
designate the Lessor as an "also named insured” and shall provide the
Lessor with a copy of such insurance certification or policy prior to the
effective date of this Lease.
☐. Modified Gross. Tenant’s Initials _____ Landlord’s Initials _____
It is the intention of the Parties that this Lease shall be considered a
“Modified Gross Lease”.
In addition to the Base Rent, the Lessee shall be obligated to pay the
following monthly expenses:
________________________________________________________
________________________________________________________
________________________________________________________
________________________
Lessor shall pay the following monthly expenses:
________________________________________________________
________
________________________________________________________
________________________________________________________
________________
☐. Triple Net (NNN). Tenant’s Initials _____ Landlord’s Initials _____
It is the intention of the Parties that this Lease shall be considered a
“Triple Net Lease”.
1) Operating Expenses. The Lessor shall have no obligation to
provide any services, perform any acts, or pay expenses,
charges, obligations or costs of any kind whatsoever with
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respect to the Premises. The Lessee hereby agrees to pay
one-hundred percent (100%) of any and all Operating
Expenses as hereafter defined for the entire term of the
Lease and any extensions thereof in accordance with
specific provisions hereinafter set forth. The term “Operating
Expenses” shall include all costs to the Lessor of operating
and maintaining the Premises, and shall include, without
limitation, real estate and personal property taxes and
assessments, management fee(s), heating, air conditioning,
HVAC, electricity, water, waste disposal, sewage, operating
materials and supplies, service agreements and charges,
lawn care, snow removal, restriping, repairs, repaving,
cleaning and custodial, security, insurance, the cost of
contesting the validity or applicability of any governmental
acts which may affect operating expenses, and all other
direct operating costs of operating and maintaining the
Premises and related parking areas, unless expressly
excluded from operating expenses.
2) Taxes. Lessee shall pay, during the term of this Lease, the
real estate taxes including any special taxes or assessments
(collectively, the "taxes") attributable to the Premises and
accruing during such term. Lessee, at Lessor’s option, shall
pay to Lessor said taxes on a monthly basis, based on
onetwelfth (1/12) of the estimated annual amount for taxes.
Taxes for any fractional calendar year during the term hereof
shall be prorated. In the event the Lessee does not make
any tax payment required hereunder, Lessee shall be in
default of this Lease.
3) Insurance. Lessee shall maintain, at all times during the
Term of this Lease, comprehensive general liability
insurance in an insurance company licensed to do business
in the Kentucky in which the Premises are located and that is
satisfactory to Lessor, properly protecting and indemnifying
Lessor with single limit coverage of not less than
______________________ dollars ($__________________)
for injury to or ______________________ dollars
($__________________) death of persons and
______________________ dollars ($__________________)
for property damage. During the Term of this Lease, Lessee
shall furnish the Lessor with certificate(s) of insurance, in a
form acceptable to Lessor, covering such insurance so
maintained by Lessee and naming Lessor and Lessor's
mortgagees, if any, as additional insured.
VIII. Leasehold Improvements: The Lessee agrees that no leasehold
improvements, alterations or changes of any nature, (except for those
listed on any attached addenda) shall be made to the leasehold
premises or the exterior of the building without first obtaining the
consent of the Lessor in writing, which consent shall not be
unreasonably withheld, and thereafter, any and all leasehold
improvements made to the Premises which become affixed or attached
to the leasehold Premises shall remain the property of the Lessor at
the expiration or termination of this Lease Agreement. Furthermore,
any leasehold improvements shall be made only in accordance with
applicable federal, state or local codes, ordinances or regulations,
having due regard for the type of construction of the building housing
the subject leasehold Premises. If the Lessee makes any
improvements to the Premises the Lessee shall be responsible
payment, except the following
_____________________________________________________.
Nothing in the Lease shall be construed to authorize the Lessee or any
other person acting for the Lessee to encumber the rents of the
Premises or the interest of the Lessee in the Premises or any person
under and through whom the Lessee has acquired its interest in the
Premises with a mechanic’s lien or any other type of encumbrance.
Under no circumstance shall the Lessee be construed to be the agent,
employee or representative of Lessor. In the event a lien is placed
against the Premises, through actions of the Lessee, Lessee will
promptly pay the same or bond against the same and take steps
immediately to have such lien removed. If the Lessee fails to have the
Lien removed, the Lessor shall take steps to remove the lien and the
Lessee shall pay Lessor for all expenses related to the Lien and
removal thereof and shall be in default of this Lease.
IX. Licenses and Permits: A copy of any and all local, state or federal
permits acquired by the Lessee which are required for the use of the
Premises shall be kept on site at all times and shall be readily
accessible and produced to the Lessor and/or their agents or any local,
state, or federal officials upon demand.
X. Obligations of Lessee: The Lessee shall be primarily responsible
whenever needed for the maintenance and general pickup of the
entranceway leading into the Premises, so that this is kept in a neat,
safe and presentable condition. The Lessee shall also be responsible
for all minor repairs and maintenance of the leasehold Premises,
particularly those items which need immediate attention and which the
Lessees, or their employees, can do and perform on their own,
including but not limited to, the replacement of light bulbs, as well as
the normal repair and cleaning of windows, cleaning and clearing of
toilets, etc., and the Lessee shall properly maintain the Premises in a
good, safe, and clean condition. The Lessee shall properly and
promptly remove all rubbish and hazardous wastes and see that the
same are properly disposed of according to all local, state or federal
laws, rules regulations or ordinances.
In the event the structure of the Premises is damaged as a result of
any neglect or negligence of Lessee, their employees, agents,
business invitees, or any independent contractors serving the Lessee
or in any way as a result of Lessee’s use and occupancy of the
Premises, then the Lessee shall be primarily responsible for seeing
that the proper claims are placed with the Lessee’s insurance
company, or the damaging party's insurance company, and shall
furthermore be responsible for seeing that the building is safeguarded
with respect to said damage and that all proper notices with respect to
said damage, are made in a timely fashion, including notice to the
Lessor, and the party or parties causing said damage. Any damage
that is not covered by an insurance company will be the liability of the
Lessee.
The Lessee shall, during the term of this Lease, and in the renewal
thereof, at its sole expense, keep the interior of the Premises in as
good a condition and repair as it is at the date of this Lease,
reasonable wear and use excepted. This obligation would include the
obligation to replace any plate glass damaged as a result of the
neglect or acts of Lessee or her guests or invitees. Furthermore, the
Lessee shall not knowingly commit nor permit to be committed any act
or thing contrary to the rules and regulations prescribed from time to
time by any federal, state or local authorities and shall expressly not be
allowed to keep or maintain any hazardous waste materials or
contaminates on the Premises. Lessee shall also be responsible for
the cost, if any, which would be incurred to bring her contemplated
operation and business activity into compliance with any law or
regulation of a federal, state or local authority.
XI. Insurance: In the event the Lessee shall fail to obtain insurance
required hereunder and fails to maintain the same in force continuously
during the term, Lessor may, but shall not be required to, obtain the
same and charge the Lessee for same as additional rent. Furthermore,
Lessee agrees not to keep upon the Premises any articles or goods
which may be prohibited by the standard form of fire insurance policy,
and in the event the insurance rates applicable to fire and extended
coverage covering the Premises shall be increased by reason of any
use of the Premises made by Lessee, then Lessee shall pay to Lessor,
upon demand, such increase in insurance premium as shall be caused
by said use or Lessee’s proportionate share of any such increase.
XII. Sublet/Assignment: The Lessee may not transfer or assign this
Lease, or any right or interest hereunder or sublet said leased
Premises or any part thereof without first obtaining the prior written
consent and approval of the Lessor.
XIII. Damage to Leased Premises: In the event the building housing the
Premises shall be destroyed or damaged as a result of any fire or other
casualty which is not the result of the intentional acts or neglect of
Lessee and which precludes or adversely affects the Lessee’s
occupancy of the Premises, then in every such cause, the rent herein
set forth shall be abated or adjusted according to the extent to which
the leased Premises have been rendered unfit for use and occupation
by the Lessee and until the demised Premises have been put in a
condition at the expense of the Lessor, at least to the extent of the
value and as nearly as possible to the condition of the Premises
existing immediately prior to such damage. It is understood, however,
in the event of total or substantial destruction to the Premises that in no
event shall the Lessor's obligation to restore, replace or rebuild exceed
an amount equal to the sum of the insurance proceeds available for
reconstruction with respect to said damage.
XIV. Default and Possession: In the event that the Lessee shall fail to pay
said rent, and expenses as set forth herein, or any part thereof, when
the same are due and payable, or shall otherwise be in default of any
other terms of said Lease for a period of more than 15 days, after
receiving notice of said default, then the parties hereto expressly agree
and covenant that the Lessor may declare the Lease terminated and
may immediately re-enter said Premises and take possession of the
same together with any of Lessee’s personal property, equipment or
fixtures left on the Premises which items may be held by the Lessor as
security for the Lessee’s eventual payment and/or satisfaction of rental
defaults or other defaults of Lessee under the Lease. It is further
agreed, that if the Lessee is in default, that the Lessor shall be entitled
to take any and all action to protect its interest in the personal property
and equipment, to prevent the unauthorized removal of said property
or equipment which threatened action would be deemed to constitute
irreparable harm and injury to the Lessor in violation of its security
interest in said items of personal property. Furthermore, in the event of
default, the Lessor may expressly undertake all reasonable
preparations and efforts to release the Premises including, but not
limited to, the removal of all inventory, equipment or leasehold
improvements of the Lessee’s, at the Lessee’s expense, without the
need to first procure an order of any court to do so, although obligated
in the interim to undertake reasonable steps and procedures to
safeguard the value of Lessee’s property, including the storage of the
same, under reasonable terms and conditions at Lessee’s expense,
and, in addition, it is understood that the Lessor may sue the Lessee
for any damages or past rents due and owing and may undertake all
and additional legal remedies then available.
In the event any legal action has to be instituted to enforce any terms
or provisions under this Lease, then the prevailing party in said action
shall be entitled to recover a reasonable attorney's fee in addition to all
costs of said action.
Rent which is in default for more than _____ days after due date shall
accrue a payment penalty of one of the following:
(Choose One)
☐ - Interest at a rate of _______________ percent (_____%) per
annum on a daily basis until the amount is paid in full.
☐ - Late fee of ______________________ dollars
($__________________) per day until the amount is paid in full.
In this regard, all delinquent rental payments made shall be applied
first toward interest due and the remaining toward delinquent rental
payments.
XV. Indemnification: The Lessee hereby covenants and agrees to
indemnify, defend and hold the Lessor harmless from any and all
claims or liabilities which may arise from any cause whatsoever as a
result of Lessee’s use and occupancy of the Premises, and further
shall indemnify the Lessor for any losses which the Lessor may suffer
in connection with the Lessee’s use and occupancy or care, custody
and control of the Premises. The Lessee also hereby covenants and
agrees to indemnify and hold harmless the Lessor from any and all
claims or liabilities which may arise from any latent defects in the
subject Premises that the Lessor is not aware of at the signing of the
lease or at any time during the lease term.
XVI. Bankruptcy - Insolvency: The Lessee agrees that in the event all or a
substantial portion of the Lessee’s assets are placed in the hands of a
receiver or a Trustee, and such status continues for a period of 30
days, or should the Lessee make an assignment for the benefit of
creditors or be adjudicated bankrupt; or should the Lessee institute any
proceedings under the bankruptcy act or any amendment thereto, then
such Lease or interest in and to the leased Premises shall not become
an asset in any such proceedings and, in such event, and in addition to
any and all other remedies of the Lessor hereunder or by law provided,
it shall be lawful for the Lessor to declare the term hereof ended and to
re-enter the leased land and take possession thereof and all
improvements thereon and to remove all persons therefrom and the
Lessee shall have no further claim thereon.
XVII. Subordination And Attornment: Upon request of the Lessor, Lessee
will subordinate its rights hereunder to the lien of any mortgage now or
hereafter in force against the property or any portion thereof, and to all
advances made or hereafter to be made upon the security thereof, and
to any ground or underlying lease of the property provided, however,
that in such case the holder of such mortgage, or the Lessor under
such Lease shall agree that this Lease shall not be divested or in any
way affected by foreclosure, or other default proceedings under said
mortgage, obligation secured thereby, or Lease, so long as the Lessee
shall not be in default under the terms of this Lease. Lessee agrees
that this Lease shall remain in full force and effect notwithstanding any
such default proceedings under said mortgage or obligation secured
thereby.
Lessee shall, in the event of the sale or assignment of Lessor's interest
in the building of which the Premises form a part, or in the event of any
proceedings brought for the foreclosure of, or in the event of exercise
of the power of sale under any mortgage made by Lessor covering the
Premises, attorn to the purchaser and recognize such purchaser as
Lessor under this Lease.
XVIII. Miscellaneous Terms:
1) Usage by Lessee: Lessee shall comply with all rules, regulations and
laws of any governmental authority with respect to use and occupancy.
Lessee shall not conduct or permit to be conducted upon the Premises
any business or permit any act which is contrary to or in violation of
any law, rules or regulations and requirements that may be imposed by
any authority or any insurance company with which the Premises is
insured, nor will the Lessee allow the Premises to be used in any way
which will invalidate or be in conflict with any insurance policies
applicable to the building. In no event shall explosives or extra
hazardous materials be taken onto or retained on the Premises.
Furthermore, Lessee shall not install or use any equipment that will
cause undue interference with the peaceable and quiet enjoyment of
the Premises by other tenants of the building.
2) Signs: Lessee shall not place on any exterior door, wall or window of
the Premises any sign or advertising matter without Lessor’s prior
written consent and the approval of the
_________________________________ [Municipality]. Thereafter,
Lessee agrees to maintain such sign or advertising matter as first
approved by Lessor in good condition and repair. Furthermore,
Lessee shall conform to any uniform reasonable sign plan or policy
that the Lessor may introduce with respect to the building. Upon
vacating the Premises, Lessee agrees to remove all signs and to repair
all damages caused or resulting from such removal.
3) Pets: Unless otherwise stated in this Lease Agreement, the only pets
that shall be allowed on the Premises are those needed legally due to
a disability or handicap.
4) Condition of Premises/Inspection by Lessee: The Lessee has had the
opportunity to inspect the Premises and acknowledges with its
signature on this lease that the Premises are in good condition and
comply in all respects with the requirements of this Lease.
Furthermore, the Lessor makes no representation or warranty with
respect to the condition of the Premises or its fitness or availability for
any particular use, and the Lessor shall not be liable for any latent or
patent defect therein. Furthermore, the Lessee represents that Lessee
has inspected the Premises and is leasing and will take possession of
the Premises with all current fixtures present in their “as is” condition
as of the date hereof.
5) Right of Entry: It is agreed and understood that the Lessor and its
agents shall have the complete and unencumbered right of entry to the
Premises at any time or times for purposes of inspecting or showing
the Premises and for the purpose of making any necessary repairs to
the building or equipment as may be required of the Lessor under the
terms of this Lease or as may be deemed necessary with respect to
the inspection, maintenance or repair of the building.
XIX. Estoppel Certificate: Lessee at any time and from time to time, upon
at least ten (10) days prior notice by Lessor, shall execute,
acknowledge and deliver to Lessor, and/or to any other person, firm or
corporation specified by Lessor, a statement certifying that the Lease
is unmodified and in full force and effect, or if the Lease has been
modified, then that the same is in full force and effect except as
modified and stating the modifications, stating the dates to which the
fixed rent and additional rent have been paid, and stating whether or
not there exists any default by Lessor under this Lease and, if so,
specifying each such default.
XX. Holdover: Should Lessee remain in possession of the Premises after
the cancellation, expiration or sooner termination of the Lease, or any
renewal thereof, without the execution of a new Lease or addendum,
such holding over in the absence of a written agreement to the
contrary shall be deemed, if Lessor so elects, to have created and be
construed to be a tenancy from month to month, terminable upon thirty
(30) days’ notice by either party.
XXI. Waiver: Waiver by Lessor of a default under this Lease shall not
constitute a waiver of a subsequent default of any nature.
XXII. Governing Law: This Lease shall be governed by the laws of the
State of Kentucky.
XXIII. Notices: Payments and notices shall be addressed to the following:
Lessor
________________________________________________________
________________________________________________________
Lessee
________________________________________________________
________________________________________________________
XXIV. Amendment: No amendment of this Lease shall be effective unless
reduced to writing and subscribed by the parties with all the formality of
the original.
XXV. BINDING EFFECT: This Lease and any amendments thereto shall be
binding upon the Lessor and the Lessees and/or their respective
successors, heirs, assigns, executors and administrators.
IN WITNESS WHEREOF, the parties hereto set their hands and seal this ____
day of _________________, 20____.
Lessee’s Signature: _______________________________________________
Printed Name: ___________________________________ Date: ____________
Lessee’s Signature: _______________________________________________
Printed Name: ___________________________________ Date: ____________
ACKNOWLEDGMENT OF NOTARY PUBLIC
STATE OF ______________________ _____________
County, ss.
On this ____ day of _______________________, 20___, before me
appeared ____________________, as LESSOR of this Commercial Lease
Agreement who proved to me through government issued photo identification to
be the above-named person, in my presence executed foregoing instrument and
acknowledged that they executed the same as their free act and deed.
____________________________
Notary Public
My commission expires:_________
ACKNOWLEDGMENT OF NOTARY PUBLIC
STATE OF ______________________ _____________
County, ss.
On this ____ day of _______________________, 20___, before me
appeared ____________________, as LESSEE of this Commercial Lease
Agreement who proved to me through government issued photo identification to
be the above-named person, in my presence executed foregoing instrument and
acknowledged that they executed the same as their free act and deed.
____________________________
Notary Public
My commission expires:_________
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Kentucky Commercial Lease Agreement

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Completed 30 July 2021

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