Mississippi retail lease agreement template

Mississippi Retail Lease Agreement

This Mississippi Retail Lease Agreement (the "Agreement") is made and entered into as of [Date], by and between [Landlord Name], a [Entity Type, e.g., Individual, LLC], with a principal place of business at [Landlord Address] ("Landlord"), and [Tenant Name], a [Entity Type, e.g., Individual, Corporation], with a principal place of business at [Tenant Address] ("Tenant"). If Landlord or Tenant is a business entity, the registered agent is [Registered Agent Name] with an address of [Registered Agent Address].

Recitals

Landlord owns the property located at [Property Address] (the "Property").

Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord, a portion of the Property for retail purposes (the "Premises").

Premises

Landlord leases to Tenant, and Tenant leases from Landlord, the Premises consisting of suite/unit number [Suite/Unit Number], containing approximately [Square Footage] square feet, with [Frontage Length] feet of frontage.

The Premises includes the following:

Option A: Designated ingress and egress points as indicated on Exhibit A.

Option B: Use of common area sidewalks and restrooms.

Included with the Premises:

Option A: Dedicated storage area of [Storage Size] square feet.

Option B: Access to shared delivery zones.

Option C: Signage space as detailed in Section [Signage Section Number].

Parking:

Option A: [Number of Customer Parking Spaces] customer parking spaces.

Option B: [Number of Employee Parking Spaces] employee parking spaces.

Option C: ADA-compliant parking spaces as required by law.

Permitted Use

Tenant shall use the Premises solely for the operation of a [Type of Retail Business, e.g., clothing store].

Permitted Activities:

Option A: Sale of [Specific Goods/Services].

Option B: Activities directly related to the primary retail operation.

Prohibited Uses:

Option A: Adult-oriented businesses.

Option B: Businesses involving hazardous materials without prior written consent from Landlord.

Exclusive Use:

Option A: Landlord shall not lease space to another tenant whose primary business is the sale of [Specific Goods/Services].

Option B: No Exclusive Use Protection.

Term

The initial term of this Agreement shall be [Number] years, commencing on [Start Date] and ending on [End Date]. The Possession Date is [Date].

Renewal Options:

Option A: Tenant shall have the option to renew for [Number] additional terms of [Number] years each, provided Tenant gives Landlord written notice at least [Number] days prior to the expiration of the then-current term.

Option B: No Renewal Option.

Rent

The monthly rent for the Premises shall be [Dollar Amount], payable in advance on the [Day] day of each month, commencing on [Date].

Rent Adjustments:

Option A: The rent shall increase annually by [Percentage] percent.

Option B: The rent shall increase annually based on the Consumer Price Index (CPI).

Option C: Percentage Rent: In addition to the monthly rent, Tenant shall pay [Percentage] percent of gross sales exceeding [Dollar Amount] annually.

Payment Terms:

Rent shall be payable to [Landlord Name] at [Payment Address].

Acceptable forms of payment: [Acceptable Payment Methods, e.g., check, electronic transfer].

Late Payment: A late fee of [Dollar Amount] will be charged for payments received after [Number] days of the due date, plus interest at the rate of [Percentage] per annum.

Security Deposit

Tenant shall deposit with Landlord a security deposit of [Dollar Amount].

The security deposit may be used to cover:

Option A: Unpaid rent.

Option B: Damage to the Premises beyond normal wear and tear.

Option C: Costs of cleaning or repairs necessary to restore the Premises to its original condition.

The security deposit will be returned to Tenant within [Number] days after the termination of the lease, less any deductions as permitted by Mississippi law.

Operating Costs

Tenant shall pay its pro-rata share of operating costs, including common area maintenance (CAM) charges, property taxes, and insurance.

CAM Charges:

Option A: CAM charges shall be capped at [Dollar Amount] per square foot annually.

Option B: Tenant shall pay [Percentage] percent of total CAM charges.

Utilities:

Option A: Tenant shall be directly responsible for paying all utility bills.

Option B: Landlord shall provide utilities and Tenant shall pay a fixed monthly fee of [Dollar Amount].

Repairs and Maintenance

Landlord Responsibilities:

Option A: Maintain the structural integrity of the building, including the roof and foundation.

Option B: Maintain common areas, including sidewalks and parking lots.

Tenant Responsibilities:

Option A: Maintain the interior of the Premises in good repair and condition.

Option B: Repair any damage caused by Tenant or Tenant's employees or customers.

HVAC:

Option A: Landlord shall be responsible for HVAC maintenance and repair.

Option B: Tenant shall be responsible for HVAC maintenance and repair.

Tenant Improvements

Tenant Improvements:

Option A: Tenant may make improvements to the Premises with Landlord's prior written approval.

Option B: Tenant shall submit plans for all improvements to Landlord for approval, which shall not be unreasonably withheld.

Cost Sharing:

Option A: Tenant shall bear the full cost of all improvements.

Option B: Landlord shall contribute [Dollar Amount] towards the cost of improvements.

Ownership:

Option A: All improvements shall become the property of Landlord upon termination of the lease.

Option B: Tenant may remove improvements upon termination of the lease, provided Tenant restores the Premises to its original condition.

Signage

Tenant shall have the right to install signage subject to Landlord's approval and compliance with local ordinances.

Signage Restrictions:

Option A: Signage size shall not exceed [Dimensions].

Option B: Signage must be professionally installed.

Assignment and Sublease

Tenant shall not assign this Agreement or sublease the Premises without Landlord's prior written consent, which shall not be unreasonably withheld.

Landlord Approval:

Option A: Landlord may require a fee of [Dollar Amount] for considering an assignment or sublease request.

Option B: Landlord may require the assignee or sublessee to meet certain financial requirements.

Insurance

Tenant shall maintain commercial general liability insurance with a minimum coverage of [Dollar Amount] per occurrence, naming Landlord as an additional insured.

Tenant shall also maintain property insurance for Tenant's inventory and furnishings.

Indemnification

Tenant shall indemnify and hold harmless Landlord from any and all claims, losses, damages, and liabilities arising out of Tenant's use of the Premises.

Compliance with Laws

Tenant shall comply with all applicable Mississippi laws, including retail-specific health, safety, and fire codes, ADA regulations, and local ordinances.

Default

If Tenant fails to pay rent or otherwise breaches this Agreement, Landlord shall provide Tenant with written notice of the default.

Cure Period:

Option A: Tenant shall have [Number] days to cure a monetary default.

Option B: Tenant shall have [Number] days to cure a non-monetary default.

Remedies:

Option A: Landlord may terminate this Agreement and re-enter the Premises.

Option B: Landlord may pursue all available legal remedies under Mississippi law.

Move-In/Move-Out

Tenant shall deliver the Premises to Landlord in the same condition as received, ordinary wear and tear excepted.

Tenant shall remove all personal property upon termination of the lease.

Dispute Resolution

Any disputes arising out of this Agreement shall be resolved through mediation in Mississippi. If mediation fails, the dispute shall be resolved in the state courts of Mississippi, in [County Name] County.

Eminent Domain/Casualty

If the Premises are taken by eminent domain or destroyed by casualty, this Agreement shall terminate.

Estoppel Certificate

Tenant shall provide Landlord with an estoppel certificate upon request.

Subordination, Non-Disturbance, and Attornment

This lease shall be subordinate to any existing or future mortgages on the property, provided Tenant's right to possession is not disturbed as long as tenant is not in default.

Notices

All notices shall be in writing and sent to the addresses listed above.

Representations and Warranties

Landlord warrants that Landlord has the right to lease the Premises.

Tenant warrants that Tenant is authorized to operate a retail business in Mississippi.

Leasehold Improvements/Fixtures

Fixtures installed by Tenant become property of Landlord upon termination of lease.

Environmental Matters

Tenant will not store or use hazardous materials on the premises.

Governing Law

This Agreement shall be governed by the laws of the State of Mississippi.

Entire Agreement

This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings.

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

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[Landlord Name]

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[Tenant Name]