LEASE AGREEMENT AR105: SIMPLE PRO-TENANT ARKANSAS LEASE FOR OFFICE, INDUSTRIAL, OR RETAIL COMMERCIAL PROPERTY $99.95
This Lease is made as of _________________, by and between COMMERCIAL PROPERTY LANDLORD, INC., a __________________ corporation ("Landlord"), and AGREEABLE TENANT, INC., a _________________ corporation ("Tenant").
Landlord is the owner of land and improvements commonly known as _______________, Arkansas (the “Premises” or the “Leased Premises”). The Premises are more particularly described in Exhibit “A,” which is attached hereto and incorporated herein.
Landlord desires to Leased Premises to Tenant, and Tenant, and Tenant desires to lease the Leased Premises from Landlord for the term, at the rental and upon the covenants, conditions and provisions herein set forth.
THEREFORE, in consideration of the mutual promises herein, contained and other good and valuable consideration, it is agreed:
A. Landlord hereby leases the Leased premises to Tenant, and Tenant hereby leases the same from Landlord, for an initial term (“Initial Term”) beginning ____________ and ending _____________. Landlord shall use its best efforts to give Tenant possession as nearly as possible at the beginning of the Lease term. If Landlord is unable to timely provide the Leased Premises, rent shall abate for the period of delay. Tenant shall make no other claim against Landlord for any such delay.
B. Tenant may renew the Lease as provided in Exhibit “C,” which is attached hereto and made a part hereof.
A. Tenant shall pay to Landlord during the Initial Term rental from ____________ to ____________ rental in the amount of $_____________, and from ___________ to _____________ $_____________ with an increase of $____________ effective _______________, all payable monthly. Each installment payment shall be due in advance on the first day of each calendar month during the lease term to Landlord at ____________________ or at such other place designated by written notice from Landlord or Tenant. The rental payment amount of any partial calendar months included in the lease shall be prorated on a daily basis.
B. Tenant shall also pay to Landlord a "Security Deposit" in the amount of One Month's rent.
The Leased Premises may be used and occupied by Tenant for any lawful purpose which complies with applicable zoning ordinances. Notwithstanding the foregoing, Tenant shall not use the Leased Premises for the purposes of storing, manufacturing or selling any explosives, flammables or other inherently dangerous substance, chemical, thing or device.
4. SUBLEASE AND ASSIGNMENT.
Tenant shall have the right without Landlord's consent, to assign this Lease to a corporation with which Tenant may merge or consolidate, to any subsidiary of Tenant, to any corporation under common control with Tenant, or to a purchaser of substantially all of Tenant's assets. Except as set forth above, Tenant shall not sublease all or any part of the Leased Premises, or assign this Lease in whole or in part without Landlord's consent, such consent not to be unreasonably withheld or delayed.
During the Lease term, Tenant shall make, at Tenant's expense, all necessary repairs to the Leased Premises. Repairs shall include such items as routine repairs of floors, walls, ceilings, and other parts of the Leased Premises damaged or worn through normal occupancy, except for major mechanical systems or the roof, subject to the obligations of the parties otherwise set forth in this Lease.
6. ALTERATIONS AND IMPROVEMENTS.
Tenant, at Tenant's expense, shall have the right following Landlord's consent to remodel, redecorate, and make additions, improvements and replacements of and to all or any part of the Leased Premises from time to time as Tenant may deem desirable, provided the same are made in a workmanlike manner and utilizing good quality materials. Tenant shall have the right to place and install personal property, trade fixtures, equipment and other temporary installations in and upon the Leased Premises, and fasten the same to the premises. All personal property, equipment, machinery, trade fixtures and temporary installations, whether acquired by Tenant at the commencement of the Lease term or placed or installed on the Leased Premises by Tenant thereafter, shall remain Tenant's property free and clear of any claim by Landlord. Tenant shall have the right to remove the same at any time during the term of this Lease provided that all damage to the Leased Premises caused by such removal shall be repaired by Tenant at Tenant's expense.
7. PROPERTY TAXES.
Landlord shall pay, prior to delinquency, all general real estate taxes and installments of special assessments coming due during the Lease term on the Leased Premises, and all personal property taxes with respect to Landlord's personal property, if any, on the Leased Premises. Tenant shall be responsible for paying all personal property taxes with respect to Tenant's personal property at the Leased Premises.
Fair Market Renewal Options Exhibit: Included and attached as Exhibit C
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