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B LAW402 (43)
Lecture

Commercial Leases.doc

2 Pages
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Department
Business Law
Course Code
B LAW402
Professor
Elaine Geddes

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Description
Commercial Leases Commercial leases are largely unregulated. Parties generally are free to negotiate terms without any legislative interference or rules. However, commercial leases share a great deal in common with residential leases as the have a common history. They must be for a term certain and grant exclusive right of quiet possession. Basic requirements of a commercial lease • Identification of parties • Description of premises • Time period of the lease (i.e. fixed term or revolving. It is substantially more common for commercial leases to be for fixed term periods and to be for lengthier periods than residential leases. Commercial tenants generally want to security of having a longer time period guaranteed for their commercial premises.) • Rental Payment. For commercial leases rental can be a fixed amount per month for more simple leases. More commonly, rent is based on the square footage of the premises but can also be based on sales. • Alterations permitted by the tenant. Remember that under the common law no tenant may make changes to the land or premises without permission. In commercial leases the tenant frequently needs to alter the premises to maker them suitable for his trade or business needs, so this is a common term in the lease. • What will happen to alternations or improvements after the tenant leaves. Generally, any improvements or alterations to premises that amount to fixtures ought to belong to the landlord. A fixture is an item of property that has become affixed to real property to the extent that it is now part of the real property. The tests for determining whether or not something is a fixture are tests that measure the extent of the fixation and the purpose of the fixation. Items such as light fixtures and plumbing become part of the land itself as they have a high degree of fixation and removal of them would cause da
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