New Mexico retail lease agreement template

New Mexico Retail Lease Agreement

This New Mexico Retail Lease Agreement (the "Agreement") is made and entered into as of [Date], by and between [Landlord's Full Legal Name], whose address is [Landlord's Address] (hereinafter referred to as "Landlord"), and [Tenant's Full Legal Name], whose address is [Tenant's Address] (hereinafter referred to as "Tenant").

Landlord is a [Landlord's Legal Entity Status] with registration number [Registration Number, if applicable].

Tenant is a [Tenant's Legal Entity Status] with registration number [Registration Number, if applicable].

Landlord may be represented by [Property Manager/Agent Name], whose contact information is [Contact Information].

1. Premises

The Landlord hereby leases to the Tenant, and the Tenant hereby leases from the Landlord, the retail space located at [Property's Physical Address], also legally described as [Complete Legal Description], specifically suite/unit number [Suite/Unit Number] (the "Premises").

The Premises consists of approximately [Retail Square Footage] square feet and is configured as [Configuration of Retail Space, e.g., storefront, showrooms, storage, restrooms]. Access and egress points are located at [Description of Access/Egress Points].

Option A: Tenant shall have the right to erect a sign at [Location of Sign], subject to Landlord’s approval (not to be unreasonably withheld) and all applicable city/county permits. Size and lighting restrictions are as follows: [Specific Signage Restrictions].

Option B: Landlord will provide signage for the Tenant in the common area at Landlord’s expense.

Tenant shall have the exclusive right to use [Exclusive Use Areas].

Customer parking allocation for the Premises shall be [Number] spaces.

Tenant shall have the right to use common areas and amenities, including [List of Common Areas and Amenities, e.g., public restrooms, loading docks, onsite waste disposal].

2. Permitted Use

The Premises shall be used solely for the purpose of conducting a retail business specializing in [Allowed Retail Type(s)]. The following uses are expressly prohibited: [List of Prohibited Uses].

Tenant shall comply with all applicable New Mexico commercial zoning regulations, retail licensing requirements, and all related municipal/borough codes.

Tenant shall not change the use of the Premises without Landlord’s prior written consent.

Tenant shall not engage in any hazardous or illegal activities, gambling, or non-retail operations on the Premises.

Tenant shall comply with the New Mexico Unfair Practices Act, product and consumer protection laws, state health regulations (including food handling if relevant), and ADA retail accessibility standards.

3. Term

The term of this Lease shall be for a period of [Number] years, commencing on [Commencement Date] and expiring on [Expiration Date].

Option A: Tenant shall have the option to renew this Lease for [Number] additional terms of [Number] years each, provided that Tenant gives Landlord written notice of its intent to renew at least [Number] days prior to the expiration of the initial term or any renewal term.

Option B: Tenant shall have the right of first refusal/offer to lease the Premises upon the expiration of the lease term.

Holdover: If Tenant remains in possession of the Premises after the expiration of the Term, such occupancy shall be a month-to-month tenancy, subject to all the terms and conditions of this Lease, except that the monthly rent shall be [Percentage or Amount]% of the then current monthly rent.

4. Rent

The base rent for the Premises shall be [Amount] per month, payable in advance on the [Day] day of each month.

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

Option B: The base rent shall be subject to adjustment based on the Consumer Price Index (CPI).

Option C: Percentage Rent: In addition to the base rent, Tenant shall pay to Landlord [Percentage]% of Gross Sales exceeding [Dollar Amount] annually.

The security deposit for the Premises shall be [Amount], which shall be held by Landlord in accordance with New Mexico law. Interest on the security deposit, if any, will be accrued/returned according to New Mexico statutes.

Accepted rental payment methods are [List Accepted Payment Methods, e.g., check, electronic transfer].

Late Fee: A late fee of [Amount or Percentage]% will be charged for any rent payment received more than [Number] days after the due date.

Returned Check Fee: A returned check fee of [Amount] will be charged for any check returned for insufficient funds.

Tenant is responsible for New Mexico gross receipts tax. Tenant will [remit the New Mexico gross receipts tax/reimburse Landlord for New Mexico gross receipts tax].

5. Additional Rent (NNN Charges)

In addition to the base rent, Tenant shall pay its proportionate share of the following expenses (collectively, "Additional Rent"):

Common Area Maintenance (CAM) charges: [Description of CAM charges and allocation methodology]

Property taxes: [Description of apportionment and reassessment on sale]

Insurance reimbursements: [Description of insurance reimbursements and allocation methodology]

Maintenance fees: [Description of maintenance fees and allocation methodology]

6. Utilities

Tenant shall be responsible for the payment of all utilities used by the Premises, including water, gas, electric, HVAC, internet, and trash removal.

Option A: Utilities shall be separately metered to the Premises.

Option B: Tenant will pay a pro-rata share of shared utility costs based on [Allocation Method].

7. Signage and Advertising

All signage must be approved by Landlord in writing and comply with all applicable city/county permits.

Option A: Tenant shall have the right to advertise its business in [Designated Advertising Areas].

Option B: Landlord reserves the right to control all advertising in common areas.

8. Alterations and Improvements

Tenant shall not make any interior renovations, fixture installations, trade fixture or equipment installations, or exterior modifications without Landlord’s prior written approval, which shall not be unreasonably withheld.

Upon the expiration or termination of this Lease, Tenant shall restore the Premises to its original condition, reasonable wear and tear excepted, unless otherwise agreed to in writing by Landlord.

9. Maintenance and Repairs

Landlord shall be responsible for maintaining the structural components of the Premises, including the roof, foundation, and exterior walls, as well as the HVAC system.

Tenant shall be responsible for maintaining the interior of the Premises, including glass, plumbing, electrical systems, pest control, and routine cleaning.

Landlord shall perform necessary repairs to the common areas.

10. Insurance

Tenant shall maintain retail-specific liability insurance with minimum limits of [Amount] per occurrence and [Amount] in the aggregate.

Tenant shall maintain property insurance covering Tenant’s personal property and trade fixtures in the Premises.

Tenant shall maintain business interruption insurance.

Tenant shall provide Landlord with a certificate of insurance evidencing the required coverage.

The parties hereby waive all rights of subrogation against each other to the extent of their insurance coverage.

11. Casualty and Condemnation

In the event of fire or other casualty, rent shall abate during the period of restoration, unless Tenant's business is not interrupted.

If the Premises are rendered untenantable by fire or other casualty, Landlord shall have the option to terminate this Lease or restore the Premises. If the Premises are not restored within [Number] days, either party may terminate this Lease.

In the event of condemnation, the parties shall share in any award in proportion to their respective interests in the Premises.

12. Exclusive Use

Option A: Landlord agrees that it will not lease any other space in the shopping center to a business that directly competes with Tenant’s business. This exclusive use provision applies to [Specific Competitor Exclusion].

Option B: There is no exclusive use agreement.

13. Operating Hours

Tenant shall maintain the following business hours: [Specify Operating Hours].

Tenant shall maintain adequate staffing and product/service maintenance levels to ensure consistent retail operation.

14. Deliveries

Tenant shall comply with Landlord’s rules regarding deliveries, loading/unloading, and use of storage/back rooms.

15. ADA Compliance

Tenant shall comply with all applicable provisions of the Americans with Disabilities Act (ADA) and New Mexico accessibility requirements.

Landlord shall be responsible for ADA compliance in common areas.

16. Inspection

Landlord shall have the right to inspect the Premises upon reasonable advance written notice to Tenant.

17. Assignment and Subletting

Tenant shall not assign this Lease or sublet the Premises without Landlord’s prior written consent, which shall not be unreasonably withheld.

18. Default

If Tenant fails to pay rent when due or breaches any other provision of this Lease, Landlord shall have the right to terminate this Lease and pursue all available remedies under New Mexico law, including eviction.

Landlord must provide Tenant with written notice of any default and an opportunity to cure the default within [Number] days.

19. Surrender of Premises

Upon the expiration or termination of this Lease, Tenant shall surrender the Premises in broom-clean condition, reasonable wear and tear excepted.

Tenant shall remove all personal property and trade fixtures from the Premises.

Any abandoned property shall be treated in accordance with New Mexico Commercial Code and New Mexico landlord/tenant statutes.

20. Governing Law

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

Any dispute arising out of or relating to this Lease shall be resolved in the state or federal courts located in [County Name] County, New Mexico.

21. Dispute Resolution

The parties shall first attempt to resolve any dispute through negotiation and mediation. If mediation is unsuccessful, the parties may submit the dispute to binding arbitration in accordance with the New Mexico Uniform Arbitration Act.

22. Disclosures

Landlord and Tenant acknowledge receipt of all federal and state-mandated commercial leasing disclosures, including any environmental lead/asbestos/mold/pest notices.

23. 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.

24. Signatures

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

[Landlord's Signature]

[Landlord's Printed Name]

[Tenant's Signature]

[Tenant's Printed Name]