A tenant in the New York State needs to enter into a New York Office Lease Agreement with the landlord while renting an office. In addition, the tenant may require submitting a Personal Guarantee along with the lease agreement to the landlord. The tenure of such lease is mutually agreed and typically, it ranges between two to five years. Please use this template only during leasing office space and not for any other type of commercial premises. This six-page form has 40 sections comprising the terms and conditions of the lease. This legal instrument is binding equally on the landlord and the tenant upon signing and execution. Therefore, please review these 40 sections carefully prior to signing the agreement. In addition, as a tenant, you must
- Use the office for the purpose specified in the agreement
- Pay the rent on the 1st day of each month
- The office is available in as is condition
- Make no alterations in the office without prior consent of the landlord
- Pay additional rent in case of payment default
Alternately, the landlord reserves various rights as specified in the terms and conditions of the tenancy. Therefore, it is necessary for the tenant to review these rights prior to signing and accepting them. Some important considerations are
- The landlord or his/her representative has right to access to the office
- The landlord or his/her representative is free from any representation towards as is condition of the office
- The landlord or his/her representative may demand issuance of Estoppel Certificate from the tenant
- The lease is effective only when the landlord or his/her representative delivers an executed copy of the agreement to the tenant or alternately to the tenant’s attorney
- The tenant must file disputes pertaining to notices about rules and code of conduct on the premises to the New York office of the American Arbitration Association as specified in section 32 of the lease agreement.
Steps to prepare New York Office Lease Agreement
- Begin by entering the address of the premises followed by the office number in the premises.
- Enter the legal name and physical address of the landlord.
- Enter the legal name and physical address of the tenant on the next lines.
- Then specify the date of entering the lease.
- Specify the amount of annual rent in the US dollar in the words and figure.
- Provide information on the lease term or tenure on the next line.
- Specify the amount of the monthly rent in US dollars.
- Enter date of commencement on the next line.
- Enter the total amount of security deposit in US dollar.
- Enter the date of possession on the subsequent line.
- Enter date of lease termination.
- Provide information about the proposed use of the office.
- Provide information about designated Rider if any, in section 13 of the agreement.
- Provide information about designated Rider if any, in section 40 of the agreement.
- Both landlord and tenant must sign the New York Office Lease Agreement. The landlord must hand over a copy to the tenant for execution.