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Minnesota Commercial Lease Agreement

Minnesota Commercial Lease Agreement
Minnesota Commercial Lease Agreement
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Minnesota Commercial Lease Agreement
This LEASE AGREEMENT (hereinafter referred to as the “Lease”) is by and
between________("Landlord"), and _________ ("Tenant").
1. PREMISES AND POSSESSION. The Landlord hereby leases to the Tenant and the
Tenant hereby takes from the Landlord, for the Term and upon the conditions hereinafter
provided, the Premises consisting of __________("Premises").
2. TERM. This lease shall begin on the ___ day of _____________ , _______ , and end on
the ___ last day of _______________ , ______ ,unless sooner terminated as provided
herein, subject to the terms and conditions set forth below. This shall be known as the
Initial Term. The Tenant shall have two successive options to extend the Term of this
Lease by providing written notice to Landlord at least one hundred eighty (180) days in
advance of the last day of the Term that would expire, but for the notice of the exercise of
this option. Each option is for the right to extend the Term by five (5) years upon the
conditions stated in this Lease.
3. LEASEHOLD IMPROVEMENTS. Tenant is taking the Premises and accepting the
condition of the Premises "AS IS" and Landlord is under no obligation to make any
structural or other alterations, decoration, additions or improvements. Tenant shall not
make, and shall not commence, any improvement that has not been previously approved
by the Landlord. If any improvement is made or commenced without the Landlord's
consent, and the Landlord does not give subsequent approval thereof, the Tenant shall,
upon receiving written notice from the Landlord, restore that portion of the Premises
affected by the improvement to its preexisting condition at Tenant's expense.
4. BASE RENT. The Tenant agrees to pay to the Land lord at such other place as the Land
lord may hereafter from time to time designate in writing, without demand, annual Base
Rent in the amount of _______ Dollars ($_______ ), payable in monthly installments of
_______ Dollars ($_______ ).
a. Renewal Terms. (Not required) If Tenant exercises its options to extend the
Term of this Lease, the Base Rent for the renewal term(s) shall be as follows:
i. For the first Renewal Term of ___ years, the annual Base Rent shall be
__________________ Dollars ($_______ ), payable in equal monthly
ii. For each year of the second Renewal Term, the Base Rent shall increase
from _______ Dollars ($_______ ) by the same percentage as the increase
in the CPI (as defined below), as follows:
Minnesota Commercial Lease Agreement