Alaska commercial lease agreement template

Alaska Commercial Lease Agreement

This Commercial Lease Agreement ("Lease") is made and entered into as of this [Date], by and between [Landlord Name], residing at [Landlord Address], hereinafter referred to as "Landlord," and [Tenant Name], residing at [Tenant Address], hereinafter referred to as "Tenant."

Premises:

Option A: The Landlord hereby leases to the Tenant, and the Tenant hereby leases from the Landlord, the premises located at [Premises Address], City of [City], State of Alaska, described as [Detailed Description of Premises], including [Specific Inclusions, e.g., parking spaces, storage area] and excluding [Specific Exclusions, e.g., rooftop access].

Option B: The leased premises consists of Suite/Unit Number [Suite/Unit Number] in the building located at [Building Address], City of [City], State of Alaska, including use of common areas as defined herein.

Use of Premises:

Option A: The Tenant shall use the Premises solely for the purpose of [Permitted Use, e.g., retail sales, office space].

Option B: The Tenant shall use the Premises for the purpose of [Permitted Use] and for no other purpose without the prior written consent of the Landlord, which consent shall not be unreasonably withheld. Tenant warrants that said use is in compliance with all applicable zoning regulations of the City of [City], Alaska.

Term:

Option A: The term of this Lease shall be for a fixed period of [Number] years, commencing on [Start Date] and ending on [End Date].

Option B: The term of this Lease shall be month-to-month, commencing on [Start Date], subject to termination as provided herein.

Option C: The term of this lease will renew automatically on the [Renewal Date], each year for an additional [Renewal Term Length] unless either party gives written notice of termination at least [Number] days prior to the renewal date.

Rent:

Option A: The base rent shall be [Dollar Amount] per month, payable in advance on the [Day] day of each month, commencing on [Start Date].

Option B: The base rent shall be [Dollar Amount] per year, payable in equal monthly installments of [Dollar Amount], in advance on the [Day] day of each month, commencing on [Start Date].

Option C: Rent Escalation: The base rent shall increase annually by [Percentage]% on each anniversary of the commencement date.

Option D: Rent Escalation: The base rent shall be adjusted annually based on the Consumer Price Index (CPI) for [City, if applicable, or Anchorage, Alaska], as published by the U.S. Department of Labor, Bureau of Labor Statistics. The adjustment will be calculated using the following formula: [CPI Adjustment Formula].

Security Deposit:

Option A: The Tenant shall deposit with the Landlord the sum of [Dollar Amount] as a security deposit, to be held by the Landlord as security for the Tenant's performance of all covenants and conditions of this Lease.

Option B: No security deposit is required under this lease.

The security deposit shall be returned to the Tenant within [Number] days after the termination of this Lease, less any deductions for damages, unpaid rent, or other sums due to the Landlord. Landlord shall provide an itemized statement of any deductions.

Common Area Maintenance (CAM):

Option A: This is a Gross Lease. Landlord will pay all CAM charges.

Option B: This is a Triple Net (NNN) Lease. Tenant shall pay its proportionate share of Common Area Maintenance (CAM) charges, real property taxes, and insurance premiums attributable to the Premises. Tenant’s proportionate share is [Percentage]% of the total expenses.

CAM charges shall include, but are not limited to, costs for maintaining, repairing, and replacing common areas, landscaping, snow removal, and security.

Landlord shall provide Tenant with an annual statement of CAM charges.

Insurance:

Option A: Landlord shall maintain property insurance on the building and Tenant shall maintain general liability insurance with coverage of at least [Dollar Amount] per occurrence.

Option B: Tenant shall maintain general liability insurance with coverage of at least [Dollar Amount] per occurrence and property insurance covering Tenant's personal property and improvements. Tenant shall provide Landlord with a certificate of insurance.

Alterations and Improvements:

Option A: Tenant shall not make any alterations or improvements to the Premises without the prior written consent of the Landlord.

Option B: Tenant may make alterations and improvements to the Premises with Landlord's written consent, which shall not be unreasonably withheld. All alterations and improvements shall become the property of the Landlord upon termination of this Lease, unless otherwise agreed in writing.

Any alterations and improvements completed by Tenant must comply with all applicable building codes and regulations of the City of [City], Alaska.

Maintenance and Repair:

Option A: Landlord shall be responsible for maintaining the structural components of the Premises, including the roof, foundation, and exterior walls. Tenant shall be responsible for maintaining the interior of the Premises in good repair and condition.

Option B: Tenant shall be responsible for all maintenance and repairs to the Premises, including structural and non-structural components, except for [Landlord Responsibilities, e.g., roof leaks].

In Alaska's colder climate, both parties agree to take reasonable steps to prevent frozen pipes. Tenant shall notify Landlord immediately of any plumbing issues.

Subletting and Assignment:

Option A: Tenant shall not sublet the Premises or assign this Lease without the prior written consent of the Landlord, which consent may be withheld in Landlord’s sole discretion.

Option B: Tenant may sublet the Premises or assign this Lease with the prior written consent of the Landlord, which consent shall not be unreasonably withheld.

Default:

If Tenant fails to pay rent when due or breaches any other provision of this Lease, Landlord shall provide Tenant with written notice of default. Tenant shall have [Number] days to cure the default. If the default is not cured within the cure period, Landlord may terminate this Lease and pursue all available remedies under Alaska law.

Indemnification:

Tenant shall indemnify and hold Landlord harmless from and against any and all claims, losses, damages, liabilities, and expenses arising from Tenant's use of the Premises or from any act or omission of Tenant, its employees, agents, or invitees.

Holding Over:

Any holding over by Tenant after the expiration or termination of this Lease shall be considered a month-to-month tenancy, subject to all the terms and conditions of this Lease, except that the rent shall be [Percentage]% of the then-current rent.

Governing Law:

This Lease shall be governed by and construed in accordance with the laws of the State of Alaska.

Notices:

All notices required or permitted under this Lease shall be in writing and shall be deemed to have been duly given when delivered personally or sent by certified mail, return receipt requested, to the addresses set forth above.

Entire Agreement:

This Lease constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications and proposals, whether oral or written.

Severability:

If any provision of this Lease is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

Alaska Specific Clause:

Disclosure of Surface or Subsurface Land Estates: Landlord discloses that the property may be subject to existing surface or subsurface rights and estates, including but not limited to mineral rights, easements, or rights-of-way, which may affect Tenant's use and enjoyment of the premises. Tenant acknowledges awareness of the unique aspects of Alaska real property law.

Signatures:

IN WITNESS WHEREOF, the parties have executed this Lease as of the date first written above.

Landlord:

____________________________

[Landlord Name]

Tenant:

____________________________

[Tenant Name]