Alaska Commercial Lease Agreement Template

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The Alaska Commercial Lease Agreement is a document which acts as a legal contract to solidify a landlord-tenant agreement in a space where business will be conducted. The terms of such an agreement should be taken very seriously as it will hold both parties responsible for upholding their part of the contract as well as the law.  A landlord must provide the space for the specified time period for the specified amount while a lessee must observe the payment terms.

This lease should be filled out in its entirety and both parties should make sure they have performed their due diligence. Landlords should make sure they are aware of the type of business being operated on the premises being leased and that it is compliant with zoning laws for instance. Meanwhile the leasing businesses should do its homework. For instance, it should make sure the space is up to code by inspecting the premises before signing the lease. If any problems are noted before signing this agreement, they should be dealt with before such a finalization occurs.

Laws – Title 45, Chapter 12

How to Write

Step 1 – The first paragraph of the lease agreement will require the date of the lease signing. This will be followed by the name, street address and state of the lessor then the same information in the same order for the lessee. This will define each party for the purposes of this document.

Step 2 – Item 1 is the “Description of Leased Premises.” This should be a fairly detailed but concise description of the physical residence.

Step 3 – The “Use of Leased Premises” is the second item requiring attention. This will be a statement or two regarding what the tenant is allowed to use the space to be rented for.

Step 4 – The third item, “Terms of Lease,” will define the number of years and months the agreement will be in effect for. These numbers will be written out both as words and as numbers (place the numbers in the parenthesis). Immediately following this will be the day, month and year the agreement goes into effect and the day, month, and year the agreement will naturally terminate.

Step 5 – The “Option to Renew” section will define whether the tenant has the option to continue maintaining the residence through renewal of the lease. Each option will have a check box. The option to renew check box will state the terms allowed.  The amount of time a lessee may extend the lease for through renewal must be entered.

Step 6 – The fifth item, “Rent and Expenses,” contains several areas noted by letters. The first paragraph requires the dollar amount written out and in number format to be entered. Each of the following areas will have a check box and space for initials from both parties. The check box must be marked and each party must initial for an applicable area. The areas are: “Gross Lease,” “Modified Gross Lease,” and “Triple Net (NNN) Lease.”  In this last area, if either party must pay additional expenses, it should be described in the space provided. The insurance dollar amounts must be filled out in the third section of this area (labeled as “III”).

Step 7 – Item 6 will define the “Security.” This amount must be entered.

Step 8 – “Leasehold Improvements” will give the terms concerning any improvements made to the space by the lessee. If alterations have been made the exceptions for what the lessee is responsible for must be listed in the space provided.

Step 9 – Item 13 which is titled “Default and Possession” defines the results of late payment. Here, if rent is in default, the number of days allowed before a penalty is assessed must be entered. There are also two check boxes to indicate how the penalty will be calculated. If it is simply a fee, the fee must be stated.

Step 10 – The second section of Item 17 must have the municipality the space being rented in entered.

Step 11 –  Item 22 will require the Name and contact information where notices and payments for each party regarding this agreement must be delivered.

Step 12 – The Binding Effect will list the day, month, and year of the lease. The Lessor and Lessee must sign and print their names. The area below, “Acknowledgment of Notary Public” should be filled out by the attending Notary.