Wyoming commercial lease agreement template

Wyoming Commercial Lease Agreement

This Commercial Lease Agreement (the "Lease") is made and entered into as of this [Date of Execution], by and between [Landlord Name], a [Landlord Entity Type, e.g., Wyoming LLC], whose address is [Landlord Address] ("Landlord"), and [Tenant Name], a [Tenant Entity Type, e.g., Corporation], whose address is [Tenant Address] ("Tenant").

• Landlord Contact Information:
  • Name: [Landlord Contact Name]
  • Phone: [Landlord Phone Number]
  • Email: [Landlord Email Address]
• Tenant Contact Information:
  • Name: [Tenant Contact Name]
  • Phone: [Tenant Phone Number]
  • Email: [Tenant Email Address]

1. Leased Premises

Landlord leases to Tenant, and Tenant leases from Landlord, the following described premises (the "Premises"):

• Physical Address: [Premises Street Address], Unit/Suite [Unit/Suite Number], [City], Wyoming [Zip Code].
• Square Footage: Approximately [Square Footage] square feet.
• Legal Description: [Legal Description of Property, if applicable]
• Attachments:
  • Option A: Attached hereto as Exhibit A is a floor plan of the Premises.
  • Option B: Attached hereto as Exhibit B is a site sketch of the Property.

2. Permitted Use

The Premises shall be used and occupied by Tenant solely for the purpose of:

• [Description of Permitted Use, e.g., retail sales of sporting goods].
• Allowable Activities: [List of Allowable Business Activities].
• Prohibited Activities: [List of Prohibited Business Activities].
• Exclusive Use:
  • Option A: Tenant shall have exclusive right to operate a [Type of Business] within the [Building/Shopping Center Name].
  • Option B: Tenant shall not have exclusive rights regarding the operation of any business type.
• Zoning Compliance: Tenant shall comply with all applicable zoning ordinances and regulations of [City/County], Wyoming. Tenant is responsible for verifying that the permitted use is allowed under the current zoning regulations.

3. Lease Term

The term of this Lease shall be:

• Option A: A fixed term of [Number] years, commencing on [Start Date] and expiring on [End Date].
• Option B: Automatically renew for successive [Number] year periods, unless either party provides written notice of termination at least [Number] days prior to the end of the then-current term.
• Option C: A periodic tenancy commencing on [Start Date] and continuing on a [Monthly/Quarterly/Annual] basis until terminated as provided herein. Either party may terminate this Lease by providing [Number] days' written notice to the other party.

Holdover: 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, subject to all of the terms and conditions of this Lease, except that the monthly rent shall be [Percentage]% of the then-current monthly rent.

4. Rent

Tenant shall pay Landlord rent as follows:

• Base Rent: [Dollar Amount] per [Month/Quarter/Year].
• Frequency: Rent shall be paid [Monthly/Quarterly/Annually].
• Payment Method: Rent shall be paid by [Acceptable Payment Methods, e.g., check, wire transfer].
• Payment Location: Rent shall be payable to Landlord at [Landlord Address], or at such other place as Landlord may designate in writing.
• Rent Increases:
  • Option A: Rent shall increase by [Percentage]% on each [Month/Year] anniversary of the Commencement Date.
  • Option B: Rent shall increase annually based on the Consumer Price Index (CPI) for [Specific CPI Index and Location], with the increase effective on each [Month/Year] anniversary of the Commencement Date. The increase shall not exceed [Percentage]% in any given year.
  • Option C: Rent shall remain fixed for the entire term of the Lease.
• Prorated Rent: For any partial month at the beginning or end of the Lease term, rent shall be prorated on a per diem basis based on a [Number] day month.
• Late Payment: If rent is not received by Landlord within [Number] days of the due date, Tenant shall pay a late fee of [Dollar Amount or Percentage of Rent].

5. Triple Net (NNN) Expenses / Gross Lease

• Option A: Triple Net (NNN) Lease: In addition to the Base Rent, Tenant shall pay its proportionate share of all "NNN Expenses" as defined below.
  • NNN Expenses include:
    • Property Taxes: [Tenant/Landlord] shall pay property taxes.
    • Insurance: [Tenant/Landlord] shall pay for property insurance.
    • Common Area Maintenance (CAM): [Tenant/Landlord] shall pay for CAM.
  • Tenant's Proportionate Share: Tenant's proportionate share of NNN Expenses shall be [Percentage]%, which is calculated by dividing the square footage of the Premises by the total rentable square footage of the building.
• Option B: Gross Lease: Landlord shall be responsible for payment of all property taxes, insurance, and common area maintenance. The base rent includes all such costs.

Utilities: [Tenant/Landlord] is responsible for paying for the following utilities: [List of Utilities, e.g., electricity, gas, water, sewer].

Operating Expenses: [Tenant/Landlord] is responsible for the following operating expenses: [List of Operating Expenses].

6. Security Deposit

Tenant shall deposit with Landlord a security deposit of [Dollar Amount] to be held by Landlord as security for the performance of Tenant's obligations under this Lease.

• Payment Timeline: The security deposit shall be paid upon execution of this Lease.
• Escrow: The security deposit shall be held by Landlord in a [Interest-bearing/Non-interest-bearing] account at [Bank Name].
• Permitted Uses: Landlord may use the security deposit to cover:
  • Unpaid rent
  • Damage to the Premises beyond normal wear and tear
  • Costs incurred in cleaning or repairing the Premises upon termination of the Lease
  • Any other breach of this Lease by Tenant
• Interest Accrual: [Interest accrues on the security deposit at the rate of X%/ Interest does not accrue on the security deposit].
• Authorized Deductions: Landlord shall provide Tenant with an itemized list of any deductions from the security deposit.
• Refund: Within [Number] days after the termination of this Lease and Tenant's surrender of the Premises, Landlord shall refund the security deposit, less any deductions permitted by this Lease.
• Damage Claims: Landlord shall provide the Tenant with written notice of any damages within [Number] days of Lease termination.

7. Tenant Improvements and Alterations

• Landlord-Provided Build-Outs: [Description of any Landlord-provided build-outs or construction allowances].
• Approval: Tenant shall not make any alterations, additions, or improvements to the Premises without Landlord's prior written consent, which shall not be unreasonably withheld.
  • Option A: Tenant must submit detailed plans and specifications to Landlord for approval.
  • Option B: Landlord's approval is required only for alterations exceeding [Dollar Amount] in cost.
• Reimbursement: [Description of any reimbursement procedures for Tenant Improvements].
• Restoration: Upon termination of this Lease, Tenant shall:
  • Option A: Restore the Premises to its original condition, reasonable wear and tear excepted.
  • Option B: Not be required to restore the Premises to its original condition.
  • Option C: Remove all Tenant improvements and return the premises to the condition described in Exhibit [Exhibit Letter].
• Ownership of Improvements: All alterations, additions, and improvements made by Tenant shall become the property of Landlord upon termination of this Lease, unless otherwise agreed in writing.

8. Maintenance and Repair

• Landlord Responsibilities: Landlord shall be responsible for:
  • Structural repairs
  • HVAC system (unless otherwise agreed)
  • Plumbing (main lines)
  • Electrical (main service)
  • Parking lots (maintenance, snow removal)
  • Landscaping
• Tenant Responsibilities: Tenant shall be responsible for:
  • HVAC system maintenance (if specified in separate addendum)
  • Plumbing (fixtures within the Premises)
  • Electrical (fixtures within the Premises)
  • Pest control
  • Janitorial services
  • Snow removal from the Premises entrance
  • Maintaining the Premises in a clean and safe condition.
• Compliance with Codes: Both Landlord and Tenant shall comply with all applicable building codes and regulations.

9. Assignment and Subletting

• Assignment/Subletting Allowed with Consent: Tenant shall not assign this Lease or sublet the Premises without Landlord's prior written consent.
• Landlord Approval:
  • Option A: Landlord's consent shall not be unreasonably withheld, conditioned, or delayed.
  • Option B: Landlord may withhold consent in its sole discretion.
• Transfer Request: Tenant shall provide Landlord with a written request to assign or sublet, including information about the proposed assignee or sublessee.
• Effect on Liability: An assignment or subletting shall not relieve Tenant of its obligations under this Lease unless Landlord expressly releases Tenant in writing.
• Rent Obligations: Any rent received by Tenant in excess of the rent due under this Lease shall be paid to Landlord.

10. Insurance

• Tenant's Insurance: Tenant shall maintain the following insurance coverage:
  • General Liability Insurance: [Dollar Amount] per occurrence.
  • Property Insurance: Covering Tenant's personal property and improvements.
  • Business Interruption Insurance: Adequate to cover lost profits during a business interruption.
  • Workers' Compensation Insurance: As required by Wyoming law.
• Landlord's Insurance: Landlord shall maintain the following insurance coverage:
  • Property Insurance: Covering the building and common areas.
  • General Liability Insurance: Covering Landlord's liability.
• Certificates of Insurance: Tenant shall provide Landlord with certificates of insurance evidencing the required coverage.
• Waiver of Subrogation: Each party waives any right of subrogation against the other party.

11. Indemnification and Waiver of Liability

• Indemnification: Tenant shall indemnify, defend, and hold Landlord harmless from any and all claims, liabilities, damages, costs, and expenses arising out of Tenant's use of the Premises or any act or omission of Tenant.
• Waiver of Liability: Landlord shall not be liable to Tenant for any damages to Tenant's property or person, except to the extent caused by Landlord's gross negligence or willful misconduct.
• Mutual Waivers: To the extent permitted by law, Landlord and Tenant mutually waive any claims against each other for consequential damages.

12. Property Access

• Landlord's Access: Landlord shall have the right to enter the Premises at reasonable times to:
  • Inspect the Premises
  • Make repairs
  • Show the Premises to prospective tenants or purchasers
• Notice: Landlord shall provide Tenant with [Number] hours' notice prior to entering the Premises, except in cases of emergency.
• Emergency Access: Landlord shall have the right to enter the Premises without notice in cases of emergency.
• Tenant's Obligations: Tenant shall maintain the security of the Premises and safeguard its property.

13. Default and Remedies

• Monetary Default: Tenant's failure to pay rent or other charges when due.
• Non-Monetary Default: Tenant's failure to comply with any other term or condition of this Lease.
• Cure Period: Tenant shall have [Number] days after written notice of default to cure a monetary default, and [Number] days after written notice to cure a non-monetary default. If the non-monetary default cannot reasonably be cured within [Number] days, Tenant shall commence cure within such period and diligently pursue it to completion.
• Landlord's Remedies: Upon Tenant's default, Landlord may:
  • Terminate this Lease and evict Tenant.
  • Re-enter the Premises and relet it for Tenant's account.
  • Accelerate the rent due for the remainder of the Lease term.
  • Pursue any other remedies available at law or in equity.
• Mitigation of Damages: Landlord shall use reasonable efforts to mitigate its damages upon Tenant's default.

14. Surrender and Restoration

• Surrender Condition: Upon termination of this Lease, Tenant shall surrender the Premises in the condition required in section 7, Tenant Improvements and Alterations, depending on the option selected for restoration.
• Removal of Fixtures: Tenant shall remove all of its personal property and fixtures from the Premises.
• Abandonment: Any property left on the Premises after termination of this Lease shall be deemed abandoned and may be disposed of by Landlord.

15. Legal Compliance

• Compliance with Laws: Both Landlord and Tenant shall comply with all applicable federal, state, and local laws, rules, and regulations.
• ADA Compliance: Tenant shall be responsible for ensuring that the Premises are in compliance with the Americans with Disabilities Act (ADA) to the extent required by Tenant's use of the Premises.
• Environmental Regulations: Tenant shall not use, store, or dispose of any hazardous substances on the Premises in violation of any environmental laws.
• Business Licenses: Tenant shall obtain and maintain all necessary business licenses and permits.

16. Specialized Clauses

• Quiet Enjoyment: Landlord warrants that Tenant shall have quiet enjoyment of the Premises during the term of this Lease, provided that Tenant pays the rent and performs all of its obligations under this Lease.
• Relocation Rights: [Description of any relocation rights granted to Landlord].
• Right of First Refusal/Renewal: [Description of any right of first refusal or renewal granted to Tenant].
• Expansion Rights: [Description of any expansion rights granted to Tenant].
• Option to Purchase: [Description of any option to purchase granted to Tenant].

17. Applicable Law and Venue

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

• Venue: Any legal action or proceeding arising out of this Lease shall be brought in the state or federal courts located in [County Name] County, Wyoming.
• Alternative Dispute Resolution:
  • Option A: Any dispute arising out of or relating to this Lease shall be settled by arbitration in accordance with the rules of the American Arbitration Association.
  • Option B: The parties agree to attempt to resolve any dispute arising out of or relating to this Lease through mediation before resorting to litigation.

18. Notice

All notices required or permitted under this Lease shall be in writing and shall be deemed to have been duly given when:

• Delivered personally
• Sent by certified mail, return receipt requested
• Sent by a nationally recognized overnight courier service

Notice Period: Notice shall be deemed effective [Number] days after mailing or sending.

Confirmation of Receipt: Electronic notice is permitted to the email addresses provided, with read-receipt requested.

19. Confidentiality, Non-Disclosure, and Non-Competition

• Confidentiality: [Inclusion of a confidentiality clause, as needed].
• Non-Disclosure: [Inclusion of a non-disclosure clause, as needed].
• Non-Competition: [Inclusion of a non-competition clause, as needed].

20. Force Majeure

Neither party shall be liable for any failure to perform its obligations under this Lease to the extent that such failure is caused by a force majeure event, such as:

• Act of God
• War
• Civil unrest
• Labor strike
• Government regulation

21. Casualty and Condemnation

• Casualty: If the Premises are damaged by fire or other casualty, Landlord shall repair the Premises, provided that such repairs can be completed within [Number] days. If the Premises cannot be repaired within [Number] days, either party may terminate this Lease.
• Condemnation: If the Premises are taken by eminent domain, this Lease shall terminate. Tenant shall be entitled to compensation for its loss of business and personal property.

22. Subordination, Estoppel Certificates, and Lender Rights

• Subordination: This Lease shall be subordinate to any existing or future mortgages or deeds of trust encumbering the Property.
• Estoppel Certificates: Tenant shall provide Landlord with an estoppel certificate upon request, certifying the terms of this Lease and stating whether there are any defaults.
• Lender Rights: Landlord shall notify Tenant of any lender with a mortgage or deed of trust on the property, and Tenant shall comply with all reasonable requests from the lender.

23. Other Provisions

• Entire Agreement: This Lease constitutes the entire agreement between the parties and supersedes all prior agreements and understandings.
• Amendment: This Lease may be amended only by a writing signed by both parties.
• Severability: If any provision of this Lease is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
• Counterparts: This Lease may be executed in counterparts, each of which shall be deemed an original.

24. Attachments

The following exhibits are attached to and made a part of this Lease:

• Exhibit A: [Floor Plan]
• Exhibit B: [Site Sketch]
• Exhibit C: [Rules and Regulations for Common Areas (if applicable)]
• Exhibit D: [Inventory of Landlord Property Provided (if applicable)]

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

____________________________
[Landlord Name], Landlord

By: ____________________________
[Landlord Signature]
[Landlord Printed Name and Title]

____________________________
[Tenant Name], Tenant

By: ____________________________
[Tenant Signature]
[Tenant Printed Name and Title]

Notary Acknowledgement (If Required)
State of Wyoming, County of [County Name]

On this [Date], before me, the undersigned, a notary public in and for said county and state, personally appeared [Landlord Name] and [Tenant Name], known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.

Witness my hand and official seal.
____________________________
Notary Public
My commission expires: [Date]