Tampa Commercial Lease Attorney
Sometimes it is easier and more cost effective for a business to lease property and equipment than make expensive purchases that tie up valuable capital. One of the most common forms of commercial leasing is the lease of offices or other space to be used for the commercial activities of a business. While commercial leases are similar in some ways to residential leases, there are some key differences that are unique to commercial leases. Contact our Tampa commercial leasing attorneys today.
Depending on the length of the lease term, commercial leases do not have to be in writing. Like a residential lease, a commercial tenancy can be a month to month, or even a week to week arrangement. However, an oral agreement may be unadvisable for a commercial lease that the parties envision lasting for more than a year due to the limitation imposed under the statute of frauds. An oral lease would have to be able to be completed within one year.
When a corporation signs a lease, it is required to do so through using the corporate seal and a signature from the corporation’s president, vice president, or chief executive officer. Failure to do this may render a lease agreement unenforceable unless a landlord can argue that the person signing the lease had apparent authority to do so.
Lease Terms A Commercial Tenant Should Review Carefully
Commercial leases may include language that protects the landlord in the event of non-payment of rent by the commercial tenant. The lease may:
- Include an acceleration clause – allowing the rent for the rest of the lease term to be immediately due upon a breach of the lease agreement by the tenant.
- Limit the kind of business that may be operated on the premises, and restrict the commercial tenant’s ability to sublease.
- Outline procedures for removal of a tenant for a variety of reasons.
- Allow for early termination fees for a commercial tenant wishing to leave a lease agreement before the lease term is up.
- Require the commercial tenant to continuously operate business on the leased premises. This may mean greater liability for the tenant, which may be considered in breach despite continuing to pay rent if it closes up shop before the lease term is over.
The commercial tenant should also make sure that the lease agreement is to its advantage by clarifying matters such as the premises liability to third party business invitees, especially in common areas. The commercial tenant should also ensure that the landlord would keep the property suitable for their business, for example by ensuring that the common areas are kept clean and safe.
There are different procedures and considerations when a business wishes to lease equipment or vehicles as opposed to real estate. Our attorneys can discuss the various considerations under Florida law and the implications for your business. Contact our Tampa and Florida commercial lease attorneys for more information.
Contact a Tampa Commercial Leasing Attorney
If your business is considering leasing commercial space or equipment for operational needs, our experienced Tampa commercial leasing attorneys can draft or review the leasing agreement and explain potentially negative clauses to ensure your business makes an informed decision. Contact the Tampa experienced commercial attorneys at Saady & Saxe, P.A. for a consultation today.