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NORTH CAROLINA COMMERCIAL LEASE AGREEMENT State of North (iPropertyManagement)

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NORTH CAROLINA COMMERCIAL LEASE AGREEMENT
This Lease Agreement made the ____ day of _________________, 20____,
by and between _____________________________________ [name of lessor],
of ________________________________________________ [street address],
State of North Carolina, hereinafter referred to as "Lessor", and
_____________________________________ [name of lessee], of
________________________________________________ [street address], State
of North Carolina, hereinafter referred to as "Lessee", collectively
referred to herein as the “Parties”, agree as follows:
1. DESCRIPTION OF LEASED PREMISES: The Lessor agrees to lease to
the Lessee the following described _________ square feet (SF) of
_____________ [type of space] located at ______________________________
___________________________ [street address], State of North Carolina.
Additional Description: ______________________________________________
Hereinafter known as the “Premises”.
2. USE OF LEASED 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.
3. TERM OF LEASE: 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”)
4. BASE RENT: The net monthly payment shall be __________________
dollars ($_______________), payable monthly with the first payment due
upon the commencement of the Lease and each monthly installment
payable thereafter on the ____ day of each month. Said net monthly
payment is-hereafter referred to as the "Base Rent". Rent for any period
during the term hereon, which is for less than 1 month shall be a pro-
rata portion of the monthly rent.
5. OPTION TO RENEW: (Check One)
A. ☐ Lessee may not renew the Lease.
B. ☐ Lessee may have the right to renew the Lease with a total of
____ renewal period(s) with each term being ____ year(s) ____
month(s) which may be exercised by giving written notice to
Lessor no less than 60 days prior to the expiration of the Lease or
renewal period.
Rent for each option period shall: (Check One)
a. ☐ - Not increase.
b. ☐ - Increase as calculated by multiplying the Base Rent by
the annual change in the Consumer Price Index (CPI)
published by the Bureau of Labor Statistics by the most
recent publication to the option period start date.
c. ☐ - Increase by ____%
d. ☐ - Increase by ___________________ dollars ($_______________)
6. EXPENSES: [Check and Initial whether this Lease is Gross, Modified
Gross, or Triple Net (NNN)]
A. ☐ GROSS.
Tenant’s Initials _____ Landlord’s Initials _____
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.
B. ☐. 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:
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
C. ☐. 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”.
A. 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
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.
B. 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 one-twelfth
(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.
C. 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 State 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.
7. 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.
8.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.
9. 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.
10. 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.
11. 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.
12. 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.
13. 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.
14. 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)
A. ☐ Interest at a rate of _______________ percent (_____%) per annum
on a daily basis until the amount is paid in full.
B. ☐ 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.
15. 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.
16. BANKRUPTCY: 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.
17. 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.
18. MISCELLANEOUS TERMS:
A. 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.
B. 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.
C. 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.
D. 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.
E. 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.
19. 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.
20. 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.
21. WAIVER: Waiver by Lessor of a default under this Lease shall not
constitute a waiver of a subsequent default of any nature.
22. GOVERNING LAW: This Lease shall be governed by the laws of the
State of North Carolina.
23. NOTICES: Payments and notices shall be addressed to the
following:
Lessor:
________________________________________________________________
________________________________________________________________
________________________________________________________________
Lessee:
________________________________________________________________
________________________________________________________________
________________________________________________________________
24. 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.
25. 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
________________________ ________________________
Lessor’s Signature Printed Name
ACKNOWLEDGMENT OF NOTARY PUBLIC
THE STATE OF _________________ __________________ County
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
THE STATE OF _________________ __________________ County
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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NORTH CAROLINA COMMERCIAL LEASE AGREEMENT State of North (iPropertyManagement)

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Completed 6 November 2020

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