Alaska retail lease agreement template

Alaska Retail Lease Agreement

This Alaska Retail Lease Agreement (the “Agreement”) is made and entered into as of [Date] by and between:

• [Landlord's Full Legal Name], residing at [Landlord's Address], a [Landlord's Legal Entity Status, e.g., Individual, LLC, Corporation] (hereinafter referred to as "Landlord"),

and

• [Tenant's Full Legal Name], residing at [Tenant's Address], a [Tenant's Legal Entity Status, e.g., Individual, LLC, Corporation] (hereinafter referred to as "Tenant").

Premises

• Option A: Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the retail space located at [Street Address], [Unit/Suite Number], within the [Shopping Center/Mall Name, if applicable], in [City], Alaska, legally described as [Legal Description of Property] (the "Premises").
• Option B: The Premises consists of approximately [Total Rentable Square Footage] rentable square feet and [Usable Square Footage] usable square feet, including [Storefront Window Footage] feet of storefront window footage and [Designated Display Areas, if any].

Permitted Use

• Option A: Tenant shall use the Premises solely for the purpose of operating a [Specific Type of Retail Business, e.g., clothing store, coffee shop] and related ancillary uses.
• Option B: Tenant shall not sell or offer for sale any of the following items: [List of Prohibited Items, e.g., adult products, tobacco products, cannabis products, firearms].
• Option C: Tenant shall obtain and maintain all necessary business licenses and permits required by Alaska Statutes Title 8 and applicable municipal codes for the operation of its business.

Exclusive Use

• Option A: Landlord agrees that Tenant shall have the exclusive right to operate a [Specific Type of Retail Business] within the [Shopping Center/Mall Name].
• Option B: Landlord reserves the right to lease other spaces within the [Shopping Center/Mall Name] to businesses that do not directly compete with Tenant's primary business of [Specific Type of Retail Business].
• Option C: Tenant's signage must conform to Landlord's standards. Landlord shall approve signage within [Number] days of submission. The design must comply with all applicable state and local laws.

Lease Term

• Option A: The term of this Lease shall commence on [Commencement Date] and expire on [Expiration Date], unless sooner terminated as provided herein.
• Option B: The Possession Date of the premises shall be [Date].
• Option C: Tenant shall have the option to renew this Lease for [Number] additional term(s) of [Number] years each. Tenant must notify Landlord in writing of its intent to exercise this option at least [Number] months prior to the expiration of the then-current term. The renewal rent shall be calculated as [Method for Calculating Renewal Rent, e.g., fair market value, CPI adjustment].
• Option D: Early termination rights are defined as follows: [Define Early Termination Rights and Liquidated Damages specific to Alaska contract law, if any].

Rent

• Option A: The base rent shall be [Dollar Amount] per month, payable in advance on the [Day] of each month. This equates to [Dollar Amount] per square foot annually.
• Option B: In addition to base rent, Tenant shall pay percentage rent equal to [Percentage] of gross sales exceeding [Dollar Amount] per [Time Period, e.g., month, year]. Tenant shall submit gross sales reports to Landlord on a [Frequency, e.g., monthly, quarterly] basis. Landlord shall have the right to audit Tenant's gross sales records upon [Number] days' notice.
• Option C: Tenant shall pay a security deposit of [Dollar Amount], to be held by Landlord in accordance with Alaska law. The security deposit may be used to cover damages to the Premises, unpaid rent, or other amounts owed by Tenant under this Lease, but may not be used for ordinary wear and tear.
• Option D: The base rent shall increase by [Percentage or CPI Adjustment] annually, commencing on [Date].
• Option E: Payments should be made by [Payment Method, e.g., check, electronic transfer] to [Payment Address/Account Details]. Late fees of [Dollar Amount or Percentage] will be assessed for payments received more than [Number] days after the due date, up to the limits permitted under Alaska usury/timeliness laws. Bounced check penalties are set at [Dollar Amount].
• Option F: Alaska state and local sales and excise taxes will be allocated as follows: [Details on Allocation of Taxes and Notification of Tax Law Changes].

Operating Expenses

• Option A: This Lease is a [Triple Net, Modified Gross, or Full Service] Lease.
• Option B: Tenant shall pay its proportionate share of Common Area Maintenance (CAM) expenses, which include [List of Included CAM Expenses].
• Option C: Tenant shall pay its proportionate share of property taxes, which are based on [Anchorage/Matanuska Borough Assessment Rates]. Property taxes will be prorated and remitted according to the following schedule: [Proration and Remittance Schedule].
• Option D: Tenant shall pay its proportionate share of Landlord's insurance premiums, including coverage for [Specific Alaska-Related Insurance Requirements, e.g., weather, flood, seismic risks].
• Option E: Tenant shall be responsible for the direct payment of the following utilities: [List of Utilities, e.g., water, sewer, waste management].
• Option F: Landlord shall provide an annual reconciliation of operating expenses to Tenant within [Number] days of the end of each calendar year. Tenant shall have the right to audit Landlord's expense calculations upon [Number] days' notice. Disputes regarding expense calculations shall be resolved through [Dispute Resolution Procedure].

Tenant Improvements

• Option A: Landlord shall provide a Tenant Improvement (TI) allowance of [Dollar Amount].
• Option B: Landlord's contribution and scope of work includes: [Detailed Description of Landlord's TI Contribution and Scope].
• Option C: Tenant's plans and specifications must be approved by Landlord prior to commencement of any work. Landlord will review the plans within [Number] days of submission.
• Option D: Construction shall adhere to the following schedule: [Construction Schedule].
• Option E: Tenant shall provide mechanic's lien waivers from all contractors and subcontractors performing work on the Premises.
• Option F: All improvements must comply with ADA (federal and Alaska-specific accessibility code) requirements.

Maintenance and Repair

• Option A: Tenant shall be responsible for the repair and maintenance of the interior of the Premises, including [List of Tenant's Maintenance Responsibilities].
• Option B: Landlord shall be responsible for the repair and maintenance of the roof, structure, building systems, HVAC, and exterior of the Premises.
• Option C: Landlord shall respond to Tenant's repair requests within [Number] hours.
• Option D: Tenant is responsible for snow removal at the entrance of their leased space.
• Option E: Tenant is responsible for storefront glass maintenance.

Insurance

• Option A: Tenant shall maintain commercial general liability insurance with limits of not less than [Dollar Amount] per occurrence and [Dollar Amount] in the aggregate.
• Option B: Landlord and Tenant shall be named as additional insureds on each other's insurance policies.
• Option C: Tenant shall maintain property, fire, flood, and wind insurance covering the Premises and Tenant's personal property.

Fire and Casualty

• Option A: If the Premises are damaged by fire or other casualty, this Lease shall terminate unless Landlord elects to repair the Premises within [Number] days.
• Option B: In the event of eminent domain or condemnation, the proceeds shall be distributed as follows: [Distribution of Proceeds].
• Option C: Tenant shall comply with all applicable disaster response procedures.

Operational Requirements

• Option A: Tenant shall maintain the following hours of operation: [Hours of Operation].
• Option B: Tenant shall comply with all municipal noise and signage ordinances.
• Option C: Tenant shall meet the minimum opening obligations and penalties: [Define the requirements for minimum opening obligations and penalties].

Assignment and Subletting

• Option A: Tenant shall not assign this Lease or sublet the Premises without Landlord's prior written consent, which shall not be unreasonably withheld.
• Option B: Landlord shall be entitled to [Percentage] of any profits derived from an assignment or subletting.
• Option C: Landlord may require financial screening of any proposed assignee or sublessee.

Compliance with Laws

• Option A: Tenant shall comply with all federal, state (Alaska Environmental Conservation regulations), and local laws, including sales/health permits, liquor/tobacco licensing, and Alaska labor/employment laws.

Move-In and Surrender

• Option A: Landlord and Tenant shall conduct a walk-through of the Premises prior to Tenant's occupancy to document the condition of the Premises.
• Option B: Upon the expiration or termination of this Lease, Tenant shall surrender the Premises in the same condition as received, reasonable wear and tear excepted.
• Option C: Any alterations made by Tenant shall be removed, unless otherwise agreed to in writing by Landlord.

Security Deposit

• Option A: The security deposit shall be returned to Tenant within [Number] days after the termination of this Lease, less any deductions for damages or unpaid rent as permitted by Alaska law (AS 34.03.070).

Default and Remedies

• Option A: If Tenant fails to pay rent or otherwise breaches this Lease, Landlord shall provide Tenant with written notice of default and a cure period of [Number] days.
• Option B: Landlord shall have the right to re-enter and evict Tenant in accordance with Alaska law, including summary proceedings.
• Option C: Landlord shall mitigate damages in the event of Tenant's default.

Dispute Resolution

• Option A: Any disputes arising out of this Lease shall be resolved through negotiation.
• Option B: If negotiation fails, the parties agree to mandatory mediation in [City], Alaska.
• Option C: If mediation fails, the parties agree to binding arbitration in [City], Alaska, in accordance with the rules of the American Arbitration Association.
• Option D: This Lease shall be governed by the laws of the State of Alaska. Venue for any legal action shall be in the Alaska Superior Court located in [City], Alaska.

Required Statutory Disclosures

• Option A: [Include Required Alaska Lease Disclosures, such as mold disclosure, environmental hazard notification].

Indemnification

• Option A: Tenant shall indemnify and hold Landlord harmless from any claims arising out of Tenant's use of the Premises.

Shopping Center Rules

• Option A: Tenant shall comply with all rules and regulations of the [Shopping Center/Mall Name].

Covenants

• Option A: Tenant is aware of and agrees to comply with covenants affecting real property, including easements, reciprocal operating agreements and maintenance obligations.

Landlord Inspections

• Option A: Landlord shall have the right to inspect the Premises upon [Number] hours' notice, except in emergencies.

Retail Security

• Option A: Tenant is responsible for retail security, and must comply with all standards. Landlord maintains the right to install CCTV.

Prohibited Activity

• Option A: Criminal or illegal activity is prohibited. Violation will constitute a breach of the contract.

Emergency Orders

• Option A: The impact of Alaska state and local emergency orders, including pandemic, curfews, or special trading rules, shall be managed as follows: [Define terms related to rent abatement, and force majeure events unique to Alaska].

Delivery and Execution

• Option A: This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Electronic signatures shall be valid under Alaska law.

Entire Agreement

• Option A: This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings. Any amendments to this Agreement must be in writing and signed by both parties.

Alaska Specific Considerations

• Option A: All terms are tailored to Alaska legal requirements, local retail industry standards, property-specific considerations, regulatory compliance, and business operation realities.

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

____________________________

[Landlord's Full Legal Name]

____________________________

[Tenant's Full Legal Name]