Oklahoma retail lease agreement template

Oklahoma Retail Lease Agreement

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

[Landlord Legal Name], a [Landlord Entity Type, e.g., Limited Liability Company] organized and existing under the laws of Oklahoma, with its principal place of business at [Landlord Oklahoma Address] (the “Landlord”), and

[Tenant Legal Name], a [Tenant Entity Type, e.g., Corporation] organized and existing under the laws of Oklahoma, with its principal place of business at [Tenant Oklahoma Address] (the “Tenant”). Tenant’s registered agent in Oklahoma is [Tenant Registered Agent Name] located at [Tenant Registered Agent Address].

1. Premises

The Landlord leases to the Tenant, and the Tenant leases from the Landlord, the retail space (the “Premises”) located at [Street Address of Premises], in the County of [County Name], State of Oklahoma, with parcel number [Parcel Number].

The Premises are further described as:

Option A: The entire space comprising approximately [Square Footage] square feet as depicted on Exhibit A, attached hereto and incorporated herein.

Option B: That portion of the building outlined on Exhibit A, attached hereto and incorporated herein, consisting of approximately [Square Footage] square feet.

The legal description of the property is: [Legal Description].

The Premises include the following:

[Description of Frontage, e.g., 50 feet of street frontage]

Adjacent Businesses: [List Adjacent Businesses]

Common Areas: [Description of Common Areas, e.g., Shared restrooms, parking lot]

Visibility: [Description of Visibility, e.g., High visibility from Main Street]

Dedicated Parking Spaces: [Number] spaces, as depicted on Exhibit B.

Signage Locations: [Description of Signage Locations]

Access Points: [Description of Access Points]

2. Permitted Use

The Premises shall be used solely for the purpose of conducting a retail business specializing in [Specific Product Categories or Service Types].

Prohibited Uses:

Option A: The Premises shall not be used for any purpose that is illegal, creates a nuisance, or violates any applicable laws, regulations, or ordinances.

Option B: Specifically prohibited uses include, but are not limited to: [List of Prohibited Uses, e.g., adult entertainment, firearms sales].

Tenant shall comply with all applicable city, municipal, and state zoning laws and business codes, including [Specific Oklahoma Statutes or Local Ordinances].

3. Compliance with Laws and Regulations

The Tenant shall comply with all applicable Oklahoma statutes, retail-specific health and safety regulations, fire safety codes, ADA accessibility standards as required by state and federal law, and any special local ordinances governing the retail property’s operations, including but not limited to:

Oklahoma Statutes Title [Title Number] regarding [Subject Matter, e.g., Landlord and Tenant].

Retail Health and Safety Regulations: [Specify Regulations, e.g., Oklahoma Department of Health regulations].

Fire Safety Codes: [Specify Codes, e.g., Oklahoma Uniform Building Code].

If the Tenant's business requires a liquor license, the Tenant is solely responsible for obtaining and maintaining such license in compliance with Oklahoma law.

Tenant shall adhere to all applicable Oklahoma laws regarding signage, including [Specify Oklahoma Statutes, e.g., Municipal Signage Ordinances].

4. Lease Term

The lease term shall commence on [Lease Commencement Date] and shall expire on [Lease Expiration Date].

Early Termination:

Option A: Tenant shall have no right to early termination of this lease.

Option B: Tenant shall have the right to terminate this lease early by providing Landlord with [Number] months written notice and paying a termination fee of [Dollar Amount].

Renewal Option:

Option A: Tenant shall have no option to renew this lease.

Option B: Tenant shall have the option to renew this lease for an additional term of [Number] years, provided that Tenant gives Landlord written notice of its intent to renew at least [Number] months prior to the expiration of the initial term. Rent during the renewal term shall be adjusted to [Specify Rent Adjustment Method, e.g., fair market value, CPI increase].

Holdover: If Tenant remains in possession of the Premises after the expiration or termination of this Lease, such holding over shall be deemed 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 rent in effect during the last month of the Lease term, as permitted by Oklahoma law.

5. Rent and Security Deposit

The monthly rent shall be [Dollar Amount], payable in advance on the first day of each month.

Acceptable Payment Forms:

Option A: Payments shall be made by check, money order, or electronic funds transfer.

Option B: Payments shall be made only by electronic funds transfer to the following account: [Bank Name, Account Number, Routing Number].

Security Deposit:

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

The security deposit shall be held in escrow by Landlord in accordance with Oklahoma law, specifically [Oklahoma Statute Reference, e.g., 41 O.S. § 115].

Landlord shall return the security deposit, less any lawful deductions for damages or unpaid rent, within [Number] days after the termination of the lease and Tenant’s surrender of the Premises, as required by Oklahoma law.

Rent Escalations:

Option A: The rent shall remain fixed for the duration of the lease term.

Option B: The rent shall increase annually by [Percentage]% on each anniversary of the lease commencement date.

Option C: The rent shall be adjusted based on the Consumer Price Index (CPI) as published by the U.S. Department of Labor.

Lease Structure:

Option A: This is a Triple Net (NNN) Lease.

Option B: This is a Modified Gross Lease. The Tenant shall be responsible for rent and the following expenses: [List of Expenses Tenant is Responsible For].

6. Taxes, Insurance, Maintenance, and Common Area Charges

Taxes:

Option A: Tenant shall pay its proportionate share of all real property taxes assessed against the property, as determined by Landlord.

Option B: Landlord shall pay all real property taxes.

Insurance:

Tenant shall maintain commercial general liability insurance with minimum coverage of [Dollar Amount] per occurrence.

Tenant shall provide Landlord with a certificate of insurance naming Landlord as an additional insured.

Maintenance and Common Area Charges (CAM):

Tenant shall pay its proportionate share of all CAM charges, which may include, but are not limited to, utilities, trash removal, landscaping, snow removal, and security.

Landlord shall provide Tenant with an itemized statement of CAM charges on a [Frequency, e.g., monthly, quarterly] basis.

Utilities:

Tenant shall be responsible for the direct payment of all utilities serving the Premises, including, but not limited to, electricity, gas, water, and sewer.

Landlord shall provide [Specify Utilities, e.g., water] to the common areas.

Oklahoma Sales or Use Tax: Tenant is responsible for collecting and remitting all applicable Oklahoma sales or use taxes related to their business operations on the Premises.

7. Maintenance and Repair

Landlord’s Responsibilities: Landlord shall be responsible for maintaining the roof, structural elements, and exterior walls of the Premises, subject to reasonable wear and tear and casualty loss.

Tenant’s Responsibilities: Tenant shall be responsible for maintaining the interior of the Premises, including retail fixtures, restrooms, and any damage caused by Tenant's negligence or misuse.

HVAC:

Option A: Landlord shall be responsible for maintaining the HVAC system.

Option B: Tenant shall be responsible for maintaining the HVAC system.

Alterations and Tenant Improvements:

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

All alterations and improvements shall be performed in compliance with all applicable building codes and regulations under Oklahoma law, including obtaining all necessary permits. Tenant shall provide Landlord with lien waivers from all contractors and subcontractors.

8. Insurance Requirements

Tenant shall maintain the following insurance coverage:

Commercial General Liability Insurance: [Dollar Amount] per occurrence.

Property Insurance: Covering the full replacement cost of Tenant’s personal property and fixtures.

Business Interruption Insurance: Sufficient to cover lost profits and expenses during any period of interruption.

Landlord’s Policy: Landlord shall maintain insurance on the building.

Landlord shall be named as an additional insured on Tenant’s commercial general liability policy.

9. Parking and Access

Tenant and its customers shall have the right to use the common parking areas, loading docks, sidewalks, customer access routes, and delivery areas in accordance with the rules and regulations established by Landlord.

The parking areas shall be used for customer and employee parking only and shall not be used for storage or other purposes.

10. Signage

Tenant shall have the right to install signage on the Premises in accordance with the rules and regulations established by Landlord and all applicable city and state codes.

All signage shall be subject to Landlord’s prior written approval, including size, style, and illumination.

Tenant shall be responsible for obtaining all necessary permits for its signage.

11. Exclusive Use

Option A: Landlord grants Tenant the exclusive right to operate a [Specific Type of Business] business within the shopping center/mall. Landlord shall not lease space to any other tenant that directly competes with Tenant’s business.

Option B: Landlord makes no guarantees of exclusive use.

12. Subleasing and Assignment

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

Landlord’s consent may be conditioned upon the proposed subtenant or assignee meeting certain financial and operational criteria.

13. Business Licenses and Permits

Tenant shall be responsible for obtaining and maintaining all necessary retail business licenses, tax permits, Oklahoma sales tax registration, and any other permits required to operate its business on the Premises, including but not limited to health, food service, or alcohol permits.

14. Delivery and Acceptance of Premises

Upon execution of this Lease, Landlord shall deliver possession of the Premises to Tenant in broom-clean condition.

Tenant shall have [Number] days to inspect the Premises and provide Landlord with a written punch list of any deficiencies.

15. Default and Remedies

If Tenant fails to pay rent or otherwise breaches this Lease, Landlord shall have the right to pursue all available remedies under Oklahoma law, including, but not limited to, eviction, collection of unpaid rent, and damages.

Landlord shall provide Tenant with written notice of any default and an opportunity to cure the default within [Number] days, as required by Oklahoma law.

Late payment penalties: [Specify Late Payment Penalties, e.g., 5% of the overdue amount].

Default interest rate: [Specify Interest Rate, e.g., 10% per annum].

16. Indemnification, Limitation of Liability, and Force Majeure

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

Limitation of Liability: Landlord shall not be liable for any consequential damages arising out of this Lease.

Force Majeure: Neither party shall be liable for any failure to perform its obligations under this Lease if such failure is caused by a force majeure event, including acts of God, war, terrorism, or government regulation. This includes, but is not limited to, events specifically impacting Oklahoma, such as tornadoes or severe ice storms.

17. Environmental Issues

Tenant shall not use or store any hazardous materials on the Premises without Landlord’s prior written consent and in compliance with all applicable environmental laws and regulations, including those enforced by the Oklahoma Department of Environmental Quality (DEQ).

Tenant is responsible for reporting any spills or releases of hazardous materials to the appropriate authorities.

18. Americans with Disabilities Act (ADA) Compliance

Tenant shall comply with all applicable ADA requirements.

[Specify Responsibility for ADA Compliance, e.g., Landlord is responsible for common area ADA compliance, Tenant is responsible for compliance within the Premises].

19. Eminent Domain and Condemnation

If the Premises are taken by eminent domain or condemnation, this Lease shall terminate.

Any condemnation award shall be distributed as follows: [Specify Distribution of Award]. This will be handled according to Oklahoma government procedures.

20. Landlord’s Inspection and Entry Rights

Landlord shall have the right to enter the Premises at reasonable times and with reasonable notice for the purpose of inspection, maintenance, or repair.

In case of emergency, Landlord may enter the Premises without notice.

21. COVID-19 or Similar Public Emergency Rules

[Include provisions addressing rent abatement, government closure rules, and eligibility for tenant relief programs, if applicable.]

22. Data Protection and Payment Security

If Tenant handles retail customer credit card data, they shall comply with all applicable data protection and payment security requirements.

23. Amendments, Notices, and Electronic Correspondence

Any amendments to this Lease must be in writing and signed by both parties.

All notices shall be in writing and shall be deemed to have been duly given when delivered personally or sent by certified mail, return receipt requested, to the addresses set forth above. Electronic communications shall not be considered valid notice under this agreement unless specifically agreed to in writing by both parties. This clause conforms with Oklahoma statutory requirements.

24. Representations and Warranties

Both Landlord and Tenant represent and warrant that they have the authority and capacity to enter into this Lease.

25. Required Disclosures

[Include any required disclosures under Oklahoma law, such as the presence of lead-based paint in pre-1978 buildings.]

26. Return of Security Deposit

Landlord shall return the security deposit, less any lawful deductions for damages or unpaid rent, within [Number] days after the termination of the lease and Tenant’s surrender of the Premises, in accordance with Oklahoma law. The Landlord must provide a written itemized list of deductions as per Oklahoma statutes.

27. Entire Agreement

This Lease constitutes the entire agreement between the parties and supersedes all prior negotiations and understandings. The agreement is integrated; there are no other agreements, written or oral.

28. Governing Law and Venue

This Lease shall be governed by and construed in accordance with the laws of the State of Oklahoma. Venue for any legal action arising out of this Lease shall be in [County Name] County, Oklahoma.

IN WITNESS WHEREOF, the parties have executed this Oklahoma Retail Lease Agreement as of the date first written above. ____________________________ [Landlord Legal Name] By: [Landlord Signature] Name: [Landlord Printed Name] Title: [Landlord Title] ____________________________ [Tenant Legal Name] By: [Tenant Signature] Name: [Tenant Printed Name] Title: [Tenant Title]