New York Commercial Lease Agreement is a template intended to facilitate a lease of commercial, retail, or industrial premises and office space pursuant to the Real Property Law of New York State. This 17-page form has 38 sections comprising of the terms and conditions of the lease and agreement. Please review them carefully prior to engage in an agreement. The tenant and the landlord must sign this agreement before a witness to execute it. In addition, various subsections of the template request your inputs. Therefore, prepare this agreement in its entirety for its legal standing as it is binding equally to all signing parties. Please remember that the tenant needs to serve six-month prior notice to the landlord to revoke the lease agreement.
Directions to Prepare New York Commercial Lease Agreement Accurately
- Enter date of lease execution.
- Enter the name and business address of the landlord.
- Enter the name and business address of the tenant.
- Section 1: Enter date of lease commencement. Continue by entering the description or name of the proposed business. Enter the annual reserved rent amount, starting, and ending date of the lease in subsection a through c as applicable. Enter the year on the next line. Specify the amount of a penalty fee in case the checks are not honored. Specify date of lease termination. Specify rent amount and tenure for yearly or five-yearly installments as applicable. Continue by specifying the amount of the late payment fee.
- Section 6: Specify the name of the county and state of jurisdiction.
- Section 7: Enter number of months considered for computing fixed rent.
- Section 10: Specify insurance coverage amount in the words and figure.
- Section 15: Specify landlord’s address for sending notices if any.
- Section 35: Enter security deposit amount in US dollar in the words and figure.
- Section 36: Enter date of execution of the lease agreement. Enter the name of the landlord on the subsequent line. Continue by entering the name of the tenant.
- Section 38: Enter the amount returned by the landlord upon immediate leasing of the premises in the words and figure. In addition, please specify the amount retained by the landlord in the words and figure in case the premises is not immediately re-leased. Continue by entering the amount the landlord will return in such case in words and figure on the respective lines. The tenant accepts this arrangement upon signing the lease.
- The landlord must sign before a witness and acquire his / her acknowledgement on the lease agreement.
- The tenant must sign before a witness and request him / her to sign on the form in acknowledgement to the tenant’s signature before him / her. Witness attestation of the signatures of both parties is necessary for legal standing and execution of the New York Commercial Lease Agreement.