Oklahoma commercial lease agreement template

Oklahoma Commercial Lease Agreement

This Commercial Lease Agreement ("Agreement") is made and entered into as of this [Date], by and between [Landlord Name], a [Landlord Entity Type] located at [Landlord Address] ("Landlord"), and [Tenant Name], a [Tenant Entity Type] located at [Tenant Address] ("Tenant").

• Landlord Contact: [Landlord Contact Name], [Landlord Phone Number], [Landlord Email]
• Tenant Contact: [Tenant Contact Name], [Tenant Phone Number], [Tenant Email]

1. Premises

Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the premises located at [Property Address], specifically [Suite/Unit Number] (the "Premises").

• Legal Description: [Legal Description of Property]
• Square Footage: [Square Footage] square feet
• Common Areas: The Premises includes the right to use common areas designated by the Landlord.
• Permitted Use(s): [Description of Permitted Use(s)]

• Option A: Exclusive Use. Tenant shall have the exclusive right to operate a [Type of Business] within the [Building/Shopping Center].
• Option B: Use Restrictions. Tenant shall not use the premises for [Restricted Uses].

2. Lease Term

The term of this Lease shall commence on [Commencement Date] and shall expire on [Expiration Date] (the "Term").

• Option A: Fixed Term. The Term shall be a fixed term as described above.
• Option B: Month-to-Month. The Term shall be month-to-month, commencing on [Commencement Date]. Either party may terminate this lease with [Number] days written notice.

• Option A: Renewal Option. Tenant shall have the option to renew this Lease for [Number] additional term(s) of [Duration] each, provided Tenant gives Landlord written notice of its intent to renew at least [Number] days prior to the expiration of the then-current Term.
• Option B: Extension Option. Tenant shall have the option to extend this Lease for [Number] months provided Tenant gives Landlord written notice of its intent to extend at least [Number] days prior to the expiration of the then-current Term. Rent during the extension period will be [Rent amount].

• Option A: Early Termination. Tenant may terminate this Lease early by providing Landlord with [Number] days written notice and paying a termination fee of [Dollar Amount].
• Option B: No Early Termination. There is no right to early termination under this lease.

• Holding Over: Any holding over by Tenant after the expiration of the Term shall be construed as a month-to-month tenancy, subject to all the terms and conditions of this Lease, except that the monthly rent shall be [Percentage]% of the then-current monthly rent.

3. Rent

Tenant shall pay Landlord rent (the "Rent") as follows:

• Base Rent: [Dollar Amount] per [Month/Quarter/Year].
• Payment Schedule: Rent shall be payable [Monthly/Quarterly/Annually].
• Due Date: Rent shall be due on the [Day] day of each [Month/Quarter/Year].
• Payment Method: Rent shall be paid by [Acceptable Payment Methods] to [Payment Address].

• Option A: Late Fee. If Rent is not received within [Number] days after the Due Date, Tenant shall pay a late fee of [Dollar Amount].
• Option B: Bounced Check Fee. A fee of [Dollar Amount] will be charged for any returned check.

• Option A: Rent Escalation. The Rent shall increase by [Percentage]% annually, commencing on [Date].
• Option B: CPI Increase. The Rent shall increase annually based on the Consumer Price Index (CPI), as published by the U.S. Department of Labor, using the [Specific CPI Index], with the adjustment taking effect on [Date] each year.

• Option A: Rent Abatement. Tenant shall receive a rent-free period of [Number] months, commencing on [Start Date].
• Option B: No Rent Abatement. There is no rent abatement under this lease.

4. Additional Payments

In addition to the Rent, Tenant shall be responsible for the following:

• Triple Net (NNN) Charges: Tenant shall pay its pro rata share of all real property taxes, insurance, and common area maintenance (CAM) expenses (NNN).
  • NNN Amount: Estimated at [Dollar Amount] per [Month/Year], subject to adjustment based on actual costs.
  • Payment Schedule: NNN charges shall be paid [Monthly/Quarterly/Annually].
• Common Area Maintenance (CAM) Fees: Tenant shall pay its pro rata share of all costs and expenses incurred in operating, managing, insuring, repairing and maintaining the common areas of the property.
• Property Taxes: Tenant shall pay its pro rata share of all real property taxes assessed against the property.
• Insurance: Tenant shall maintain insurance as required in Section 8.
• Utilities: Tenant shall be responsible for all utilities serving the Premises, including but not limited to [List of Utilities].
• Repair and Maintenance: Tenant shall be responsible for repairs and maintenance as specified in Section 6.

• Option A: Included in Base Rent. The costs outlined in this section are included in the base rent amount.
• Option B: Charged Separately. The costs outlined in this section are charged separately and are the responsibility of the tenant.

5. Security Deposit

Tenant shall deposit with Landlord a security deposit in the amount of [Dollar Amount] (the "Security Deposit").

• Use of Security Deposit: Landlord may use the Security Deposit to cover any damages to the Premises caused by Tenant (excluding ordinary wear and tear), unpaid Rent, or other sums due from Tenant under this Lease.
• Return of Security Deposit: Landlord shall return the Security Deposit to Tenant, less any deductions as permitted by this Lease and Oklahoma law, within [Number] days after the termination of this Lease and Tenant's surrender of the Premises.
• Permissible Deductions: Landlord may deduct from the Security Deposit for the following: [List of Permissible Deductions].

6. Maintenance and Repairs

• Tenant's Responsibilities: Tenant shall maintain the Premises in a clean, safe, and good condition, and shall be responsible for all repairs to the Premises, except for those that are the responsibility of the Landlord as specified below. Tenant is responsible for maintaining the HVAC system, plumbing, and electrical within the premises.
• Landlord's Responsibilities: Landlord shall be responsible for maintaining the structural elements of the building, including the roof, foundation, and exterior walls, and for maintaining the common areas. Landlord is responsible for maintaining the main water line and main electrical line to the building.

• Option A: Alterations and Improvements. Tenant may make alterations or improvements to the Premises only with Landlord's prior written consent, which consent shall not be unreasonably withheld. All alterations and improvements shall become the property of Landlord upon the expiration or termination of this Lease, unless otherwise agreed in writing.
• Option B: No Alterations. Tenant shall not make any alterations or improvements to the Premises without the Landlord's written consent.

7. Insurance

Tenant shall maintain, at its own expense, the following insurance coverage:

• Commercial General Liability Insurance: With a minimum limit of [Dollar Amount] per occurrence and [Dollar Amount] aggregate.
• Property Insurance: Covering the Premises and Tenant's personal property for its full replacement value.
• Business Interruption Insurance: Sufficient to cover Tenant's lost income for a reasonable period of interruption.

Landlord shall maintain, at its own expense, the following insurance coverage:

• Property Insurance: Covering the building for its full replacement value.
• Commercial General Liability Insurance: With a minimum limit of [Dollar Amount] per occurrence and [Dollar Amount] aggregate.

• Option A: Waiver of Subrogation. Landlord and Tenant each waive any and all rights of recovery against the other, or against the officers, employees, agents, and representatives of the other, for loss of or damage to the property of such waiving party to the extent such loss or damage is covered by insurance.
• Option B: No Waiver of Subrogation. The parties do not waive their rights of subrogation.

8. Indemnification and Liability

• Tenant's Indemnification: Tenant shall indemnify, defend, and hold harmless Landlord from and against any and all claims, damages, liabilities, costs, and expenses (including attorneys' fees) arising from Tenant's use of the Premises or from any act or omission of Tenant, its agents, employees, or invitees.
• Landlord's Indemnification: Landlord shall indemnify, defend, and hold harmless Tenant from and against any and all claims, damages, liabilities, costs, and expenses (including attorneys' fees) arising from Landlord's negligence or willful misconduct.

• Option A: Limitation of Liability. In no event shall either party be liable to the other for any consequential, incidental, or punitive damages.
• Option B: No Limitation of Liability. There is no limitation of liability under this lease.

9. Assignment and Subleasing

• Option A: Assignment and Subleasing with Consent. Tenant shall not assign this Lease or sublease the Premises without Landlord's prior written consent, which consent shall not be unreasonably withheld.
• Option B: No Assignment or Subleasing. Tenant shall not assign this Lease or sublease the Premises.

• Option A: Landlord's Right to Recapture. If Tenant requests Landlord's consent to an assignment or sublease, Landlord shall have the option to recapture the Premises and terminate this Lease.
• Option B: No Recapture Right. Landlord does not have the right to recapture the Premises.

10. Use of Premises

Tenant shall use the Premises only for the Permitted Use(s) specified in Section 1 and shall comply with all applicable zoning laws, building codes, and environmental regulations.

• Prohibited Uses: Tenant shall not use the Premises for any of the following purposes: [List of Prohibited Uses].
• Operational Restrictions: Tenant shall comply with the following operational restrictions: [List of Operational Restrictions, e.g., signage restrictions, hours of operation].

11. Entry by Landlord

Landlord shall have the right to enter the Premises at reasonable times and upon reasonable notice for the purpose of inspection, repairs, or showings.

• Notice Requirement: Landlord shall provide Tenant with at least [Number] hours' notice prior to entry, except in cases of emergency.
• Permitted Hours: Landlord's entry shall be limited to the hours of [Start Time] to [End Time], [Days of Week].

12. Default and Remedies

• Events of Default: The following shall constitute events of default by Tenant:
  • Failure to pay Rent or other sums due under this Lease when due.
  • Failure to comply with any other term or condition of this Lease.
  • Abandonment of the Premises.

• Notice and Cure Period: Landlord shall provide Tenant with written notice of any default and Tenant shall have [Number] days to cure the default.
• Landlord's Remedies: Upon the occurrence of an event of default, Landlord shall have the following remedies, in addition to any other remedies available at law or in equity:
  • Termination of this Lease.
  • Recovery of all Rent and other sums due under this Lease.
  • Re-entry and repossession of the Premises.
  • Damages for breach of this Lease.

• Option A: Lockout Rights. To the extent permitted by Oklahoma law, Landlord shall have the right to lock out Tenant from the Premises upon default.
• Option B: No Lockout Rights. Landlord does not have lockout rights.

• Oklahoma Statutory Compliance: Landlord's remedies shall be exercised in compliance with Oklahoma law, including but not limited to the Oklahoma Forcible Entry and Detainer Act.

13. Termination

This Lease may be terminated as follows:

• Voluntary Surrender: Tenant may surrender the Premises and terminate this Lease only with Landlord's written consent.
• Mutual Agreement: This Lease may be terminated by mutual written agreement of Landlord and Tenant.
• Landlord's Termination for Cause: Landlord may terminate this Lease upon Tenant's default, as specified in Section 12.
• Force Majeure: Either party may terminate this lease if the premises become unusable due to fire, flood, act of God, or other unavoidable casualty.

• Option A: Early Termination Fee. If Tenant terminates this lease before the termination date, tenant is responsible for paying an early termination fee of [Dollar Amount].
• Option B: No Early Termination Fee. There is no early termination fee under this lease.

14. Abandonment and Surrender

Upon abandonment or surrender of the Premises, Tenant shall remove all of its personal property and fixtures. Any property left behind shall become the property of Landlord.

• Surrender Condition: Tenant shall surrender the Premises in the same condition as when received, ordinary wear and tear excepted.

15. Compliance with Laws

Tenant shall comply with all applicable federal, state, and local laws, regulations, and ordinances, including but not limited to the Americans with Disabilities Act (ADA) and environmental regulations.

• Oklahoma Specific Codes: Tenant shall comply with all applicable Oklahoma building, health, and safety codes.
• ADA Compliance: Tenant is responsible for ADA compliance within the premises.

16. Permits and Licenses

Tenant shall be responsible for obtaining all necessary permits and licenses required for its business operations.

17. Casualty Loss

In the event of a fire or other casualty that renders the Premises untenantable, this Lease shall terminate, unless Landlord elects to repair the Premises within a reasonable time.

• Rent Abatement: If the Premises are partially damaged, Rent shall be abated in proportion to the extent of the damage.
• Termination Option: If the Premises are substantially damaged, either party shall have the option to terminate this Lease.

18. Subordination, Nondisturbance, and Attornment

This Lease shall be subordinate to any existing or future mortgages or deeds of trust encumbering the property. Landlord shall provide a non-disturbance agreement guaranteeing Tenant's rights under this lease.

• Estoppel Certificate: Tenant agrees to execute and deliver an estoppel certificate within [Number] days of Landlord's request.

• Option A: Right of First Refusal. If Landlord sells the property, Tenant shall have a right of first refusal to purchase the property.
• Option B: No Right of First Refusal. Tenant does not have a right of first refusal.

19. Environmental Compliance

Tenant shall not use, store, or dispose of any hazardous materials on the Premises in violation of applicable environmental laws.

• Option A: Indemnification for Environmental Issues. Tenant shall indemnify Landlord for any environmental damage caused by Tenant's activities.
• Option B: No Specific Environmental Indemnification. General indemnification clauses apply.

20. Personal Guaranty

• Option A: Personal Guaranty. [Guarantor Name], residing at [Guarantor Address], personally guarantees the performance of Tenant's obligations under this Lease.
• Option B: No Personal Guaranty. This Lease is not subject to a personal guaranty.

21. Non-Discrimination

Landlord and Tenant shall comply with all applicable non-discrimination laws.

22. Landlord Disclosures

Landlord discloses the following: [List any required Oklahoma-specific disclosures, e.g., lead-based paint disclosure].

23. Dispute Resolution

Any dispute arising out of or relating to this Lease shall be resolved as follows:

• Option A: Mediation. The parties shall first attempt to resolve the dispute through mediation.
• Option B: Arbitration. The parties shall resolve the dispute through binding arbitration in accordance with the rules of the American Arbitration Association.
• Option C: Litigation. The parties may pursue litigation in the state courts of Oklahoma, [County] County.

• Option A: Attorneys' Fees. The prevailing party in any dispute shall be entitled to recover its reasonable attorneys' fees and costs.
• Option B: No Attorneys' Fees. Each party shall bear its own attorneys' fees and costs.

24. Notices

All notices under this Lease shall be in writing and shall be deemed given when delivered personally or sent by certified mail, return receipt requested, to the following addresses:

• Landlord: [Landlord Address]
• Tenant: [Tenant Address]

25. Miscellaneous

• Amendment: This Lease may be amended only by a written instrument signed by both parties.
• Entire Agreement: This Lease constitutes the entire agreement between the parties and supersedes all prior agreements and understandings.
• Severability: If any provision of this Lease is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
• Waiver: No waiver of any provision of this Lease shall be effective unless in writing and signed by the waiving party.
• Counterparts: This Lease may be executed in counterparts, each of which shall be deemed an original.

26. Oklahoma Statutory Requirements

• Oklahoma Eviction Notice: Landlord shall comply with Oklahoma's notice requirements for eviction.
• Service of Notices: Notices shall be served in accordance with Oklahoma law.
• Broker Lien Act: If a real estate broker is involved, this Lease is subject to the Oklahoma Commercial Real Estate Broker Lien Act.

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

____________________________
[Landlord Name]

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[Tenant Name]