New Mexico warehouse lease agreement template

New Mexico Warehouse Lease Agreement

This New Mexico Warehouse Lease Agreement ("Agreement") is made and entered into as of this [Date of Signing], by and between:

Landlord: [Landlord Full Legal Name], with a mailing address of [Landlord Address], hereinafter referred to as "Landlord," and

Tenant: [Tenant Full Legal Name], with a mailing address of [Tenant Address], hereinafter referred to as "Tenant."

If either Landlord or Tenant is an entity (corporation, LLC, etc.), specify the legal entity type and state of formation: Landlord - [Landlord Entity Type, e.g., LLC], formed in [Landlord State of Formation]. Tenant - [Tenant Entity Type, e.g., Corporation], formed in [Tenant State of Formation].

Premises

The Landlord leases to the Tenant, and the Tenant leases from the Landlord, the warehouse space located at [Street Address], [City], [County], New Mexico, [Zip Code], hereinafter referred to as the "Premises," consisting of warehouse unit(s) [Warehouse Unit Number(s)].

Premises Details:

• Total Square Footage: [Total Square Footage] square feet.
• Loading Docks: [Number] loading docks. Dimensions: [Loading Dock Dimensions]
• Ceiling Height: [Ceiling Height] feet.
• Overhead Doors: [Number] overhead doors, [Dimensions] each. Type: [e.g., Roll-up, Sectional].
• Floor Load Capacity: [Floor Load Capacity] pounds per square foot.
• Sprinkler/Fire Suppression Systems: [Description of System, e.g., Wet Pipe System, Dry Chemical System]. Inspected [Frequency].
• Security Features: [Description of Security Features, e.g., Fenced perimeter, Security cameras, Alarm system].
• Existing Fixtures/Equipment: [List Included Fixtures/Equipment, e.g., Lighting fixtures, HVAC system]. Excluded Fixtures/Equipment: [List Excluded Fixtures/Equipment].

Exterior Areas:

• Option A: Tenant shall have the right to use the exterior storage yard located at [Description of Exterior Storage Yard Location]. Dimensions: [Dimensions].
• Option B: Tenant shall have [Number] parking spaces for trucks and staff located at [Description of Parking Area Location].
• Option C: Shared access roads and driveways will be used in common with other tenants. Description of easements: [Description of Easements].
• Option D: Separate fenced area: [Description of the Fenced Area and Dimensions].

Permitted Use

The Premises shall be used solely for warehouse and related logistics, fulfillment, storage, light manufacturing, or distribution purposes, and for no other purpose.

Specifically prohibited uses include, but are not limited to, residential, retail, or other non-warehouse uses without the Landlord’s prior written consent.

The Tenant shall comply with all applicable zoning, New Mexico Uniform Owner-Resident Relations Act exemptions (if applicable), fire, health, safety, and business license requirements of the local municipality or county.

Lease Term

Option A: Fixed Term: The term of this Lease shall commence on [Commencement Date] and shall terminate on [Termination Date].

Option B: Periodic Term: The term of this Lease shall commence on [Commencement Date] and shall continue on a [Monthly/Quarterly/Annual] basis until terminated as provided herein.

Renewal/Extension:

• Option A: The Tenant shall have the option to renew this Lease for [Number] additional term(s) of [Length of Renewal Term] each, provided that the Tenant gives the Landlord written notice of its intention to renew at least [Number] days prior to the expiration of the then-current term.
• Option B: No renewal options.

Early Termination:

• Option A: Tenant shall have the right to terminate the lease early by providing [Number] days written notice to Landlord and paying a termination fee equal to [Amount or Formula for Termination Fee].
• Option B: No early termination rights are granted.

Holdover:

• Option A: If Tenant remains in possession of the Premises after the expiration or termination of this Lease, such occupancy shall be deemed a month-to-month tenancy, terminable by either party upon [Number] days' written notice, and the rent shall be increased to [Percentage]% of the then-current rent.
• Option B: Any holdover without written agreement shall be deemed a trespass.

Rent

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

Annual Escalation:

• Option A: The base rent shall increase by [Percentage]% annually on each anniversary of the commencement date.
• Option B: The base rent shall increase annually based on the Consumer Price Index (CPI) for [Specific CPI Index], as published by the United States Department of Labor. The increase shall be calculated by [Formula for CPI Calculation].
• Option C: The base rent shall be subject to market review every [Number] years, as determined by an appraisal conducted by a qualified appraiser selected by [Selection Process].

Security Deposit: The Tenant shall deposit with the Landlord a security deposit in the amount of [Dollar Amount], which shall be held by the Landlord as security for the Tenant's performance of its obligations under this Lease. The security deposit shall be returned to the Tenant within [Number] days after the termination of this Lease, less any amounts necessary to cover damages to the Premises or unpaid rent, consistent with New Mexico law.

Payment Method: Rent shall be payable by [Payment Method, e.g., Check, Wire Transfer, ACH] to [Payee Information].

Late Payment: If any rent payment is not received by the Landlord within [Number] days of the due date, the Tenant shall pay a late fee of [Dollar Amount or Percentage], not to exceed the maximum amount permitted by New Mexico law.

Returned Payment Fee: A fee of [Dollar Amount] will be charged for any returned payment.

Rent Abatement:

• Option A: In the event of damage to the Premises rendering it unusable, rent shall be abated proportionally to the extent of the damage until the Premises is restored.
• Option B: No rent abatement provisions.

New Mexico Gross Receipts Tax (NMGRT):

• Option A: Tenant shall be responsible for paying all applicable New Mexico Gross Receipts Tax (NMGRT) on the rent payments.
• Option B: The stated rent is inclusive of NMGRT, and Landlord shall be responsible for paying NMGRT.
• Option C: Tenant shall reimburse Landlord for NMGRT paid on rent payments.

Lease Type and Expenses

Option A: Triple Net (NNN) Lease: In addition to the base rent, the Tenant shall be responsible for paying all property taxes, utilities, insurance, common area maintenance (CAM), snow removal, security patrols, landscaping, waste disposal, HVAC/equipment maintenance, and structural repairs.

Option B: Gross/Modified Gross Lease: The base rent includes property taxes and insurance. The Tenant is responsible for paying utilities and [Specific Additional Expenses].

CAM Charges: If applicable, the monthly estimate of CAM charges is [Dollar Amount]. The Landlord shall provide the Tenant with a reconciliation of CAM charges at the end of each [Period, e.g., calendar year].

Utilities: Tenant is responsible for [Electricity, Gas, Water, Sewer, Trash Removal]. Landlord is responsible for [List Landlord-Provided Utilities].

Tenant Improvements and Alterations

Option A: Tenant shall not make any improvements or alterations to the Premises without the Landlord’s prior written consent, which shall not be unreasonably withheld.

Option B: Tenant may make the following specific improvements: [List of Approved Improvements].

All improvements and alterations shall comply with local building codes and inspection requirements, including obtaining a certificate of occupancy if required.

Any utility upgrades required to support the Tenant's improvements shall be the responsibility of the [Landlord/Tenant].

At the termination of this Lease, the Tenant shall [Restore the Premises to its original condition/Leave all improvements in place].

Treatment of Fixtures/Racking/Machinery: [Specify whether Tenant can remove fixtures/racking/machinery and any requirements for removal and repair of damage].

Repair and Maintenance

Tenant's Responsibilities: The Tenant shall be responsible for maintaining the interior of the Premises, including the loading areas and doors, in good repair and condition.

Landlord's Responsibilities: The Landlord shall be responsible for maintaining the structural elements of the Premises, including the roof, foundations, and major systems, in good repair and condition.

Procedures for Reporting Damage: The Tenant shall promptly report any damage to the Premises to the Landlord in writing.

Landlord's Response: The Landlord shall respond to reported damage within a reasonable time, considering the nature and severity of the damage.

Hazardous Materials

The Tenant shall not store, use, or dispose of any hazardous materials on the Premises except in compliance with all federal, state, and New Mexico Department of Environment regulations.

The Tenant shall provide the Landlord with a list of all hazardous materials stored on the Premises and copies of all required permits and licenses.

The Tenant shall indemnify and hold harmless the Landlord from any and all claims, damages, or liabilities arising out of the Tenant's use, storage, or disposal of hazardous materials on the Premises.

Required disclosures of prior use: [Include any required disclosures of prior hazardous material use on the property].

Protocols for inspections: [Include details about hazardous material inspections].

Insurance

Tenant's Insurance: The Tenant shall maintain commercial general liability insurance with minimum limits of [Dollar Amount] per occurrence and [Dollar Amount] in the aggregate, and property insurance covering the Tenant's contents.

Landlord's Insurance: The Landlord shall maintain property insurance covering the structure of the Premises.

Subrogation Waiver: To the extent permitted by law, the Landlord and the Tenant waive all rights of subrogation against each other.

Certificates of Insurance: The Tenant shall provide the Landlord with certificates of insurance evidencing the required coverage.

Access and Security

Building Access Hours: The Tenant shall have access to the Premises [24 hours a day/Specific Hours].

Tenant Security: The Tenant shall be responsible for securing the Premises, including activating any alarms or access control systems.

Landlord's Right of Entry: The Landlord shall have the right to enter the Premises for inspection, repairs, or showing to prospective occupants, upon reasonable notice to the Tenant, except in cases of emergency.

Subletting and Assignment

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

Criteria for Landlord Approval: [Specify criteria for Landlord approval of subletting or assignment, e.g., financial stability of subtenant/assignee, intended use of premises].

Guarantees Required for Assignment: [Specify any guarantees required from the assignee].

Default and Remedies

Events of Default: The following shall constitute events of default by the Tenant: failure to pay rent when due; failure to comply with any other provision of this Lease; abandonment of the Premises.

Cure Period: The Tenant shall have [Number] days to cure any default after written notice from the Landlord, except for failure to pay rent, in which case the cure period shall be [Number] days.

Landlord's Remedies: Upon the occurrence of an event of default, the Landlord shall have the right to terminate this Lease, re-enter the Premises, and pursue all available remedies at law or in equity, including damages for unpaid rent and the cost of re-letting the Premises.

Abandoned Property: [Specify procedures for dealing with abandoned property in accordance with New Mexico law].

Casualty and Condemnation

Casualty: If the Premises is damaged by fire or other casualty, the Landlord shall repair the damage, unless the damage is so extensive that the Premises is rendered unusable.

Rent Abatement: During the period of repair, the rent shall be abated proportionally to the extent of the damage.

Condemnation: If the Premises is taken by eminent domain, this Lease shall terminate, and the Tenant shall be entitled to compensation for its leasehold interest and any improvements made by the Tenant.

Rules and Regulations

Utility Use: The Tenant shall use utilities in a reasonable manner and shall not waste utilities.

Restrictions on Flammable/Controlled Substances: [Specify any restrictions on flammable or controlled substances].

Pest Control: The Tenant shall be responsible for pest control.

Signage: [Specify signage requirements].

Truck Traffic: [Specify truck traffic rules].

Compliance with Laws

The Tenant shall comply with all federal, state, and local laws, including environmental, fire safety, ADA (if applicable), and stormwater laws.

The Tenant shall comply with all applicable building codes for warehouse-type occupancy.

Move-In and Move-Out

Move-In Condition: The Premises shall be delivered to the Tenant in [Description of Condition].

Move-Out Condition: The Tenant shall surrender the Premises in broom-clean condition, and shall remove all of its personal property.

Security Deposit Return: The security deposit shall be returned to the Tenant within [Number] days after the termination of this Lease, less any amounts necessary to cover damages to the Premises or unpaid rent, consistent with New Mexico law.

Dispute Resolution

Negotiation: The parties shall attempt to resolve any disputes arising out of this Lease through good-faith negotiation.

Mediation: If negotiation fails, the parties shall attempt to resolve the dispute through mediation.

Venue and Choice of Law: Any legal action arising out of this Lease shall be brought in the courts of [County] County, New Mexico, and shall be governed by the laws of the State of New Mexico.

Waiver of Jury Trial: [Specify if jury trial is waived, subject to New Mexico law].

Business Licenses

The Tenant shall maintain all applicable business licenses for the operation of its business on the Premises.

Operational Inspections

The Landlord shall have the right to conduct periodic operational inspections of the Premises, upon reasonable notice to the Tenant and in accordance with New Mexico privacy and notice rules.

Force Majeure

Neither party shall be liable for any failure to perform its obligations under this Lease due to force majeure, including natural disasters, closure orders, or other events beyond its reasonable control.

Attachments

The following attachments are incorporated into this Lease by reference:

• Warehouse Floor Plan
• Site Map
• Inventory of Included Fixtures
• Rules and Regulations

Brokerage

[Name of Broker/Brokerage] represented the Landlord. [Name of Broker/Brokerage] represented the Tenant. Commission will be paid as per a separate agreement.

Compliance with New Mexico Real Estate License Law is required.

Amendment of Rules

The Landlord reserves the right to amend the building rules by notice to the Tenant, subject to non-interference with the Tenant's permitted use of the Premises.

Notices and Disclosures

[Include any required notices or disclosures unique to New Mexico law, e.g., proximity to airports, flood zones, state-required environmental disclosures].

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

Landlord:

____________________________

[Landlord Full Legal Name]

Tenant:

____________________________

[Tenant Full Legal Name]