New York Office Commercial Lease Agreement Form

Create a high quality document online now!

A New York Office commercial lease agreement is a legal document that allows a rental agreement of a retail, industrial, or office space between an owner/landlord or property manager and an entity, business and/or individual owner. This particular agreement is generally three (3) to five (5) years in length of time. Often, however, the tenant typically will be offered the “option” to extend their rental at renewal for a new or pre-determined rental rate, should the tenant choose to remain and continue with the rental of the commercial property.

The landlord will usually be prepared for the tenant to customize the space once they have moved into what is considered a “vanilla shell” space for the new tenant to move into. Should the landlord choose to accept a new business, they would require a rental application, as well, a personal guaranty to ensure that, in the event that the business proves not to be profitable that, at the very least, the tenant will have the assets to continue to pay the monthly rent as per the written agreement.

From a commercial standpoint, there are generally 3 options for the structure of a commercial lease:

Triple Net or an NNN – The construct of this lease requires that the tenant would pay all of the expenses on the property to include insurance, utilities, monthly rent and shall maintain the property on their own, among other requirements.

Modified Gross Agreement– This would involve an agreement between landlord and tenant whereas the tenant would pay a fixed rental amount and would also take only a portion of the expenses with regard to the property.

Gross – This is agreement would only require the tenant to pay a fixed monthly rental amount, leaving all of the expenses with regard to the property to the landlord.

It is highly recommended that this document is reviewed by the tenant with the assistance of  legal counsel prior to completion and signature of this document.

How To Write

Step 1 – Office Lease – Begin completion of this document on page 1 as follows:

  • Enter the name of the landlord
  • Enter the name of the tenant
  • Enter the name and/or address of the premises
  • Date the document in mm/dd/yyyy format
  • Review page 2 Table of contents

Step 2 – Office Lease – Basic Terms and Definitions – Enter the following:

  • Date the lease in mm/dd/yyyy format
  • Enter the name of the landlord
  • Enter the name of the tenant
  • Enter the name of the Broker
  • Enter the electricity factor per annum (this is subject to adjustment)
  • Enter the first year ending date on December 31 ,20___
  • Enter a fixed rent amount per annum (if any)
  • Enter the Fixed Rent Commencement date and the amount of days following the commencement date
  • Name of Guarantor
  • Enter the landlord’s work, if any, according to “Exhibit B” to the lease
  • Enter addressed for any notices that will be sent by and to either party
  • Landlords Notice Address
  • Tenant’s Notice Address
  • Read and complete Section 1.9 using Exhibit A also entering the address of the building
  • Enter the amount of the security deposit
  • Enter the taxes based yea with the 12 month period that would end on (enter date mm/dd/yyyy)
  • Enter the tenant’s percentage of the share of the taxes (if any)
  • Term- enter the commencement date of the lease or the date in which the landlord grants possession of the premises once the landlord’s work is complete
  • In the second space in this paragraph, enter the expiration date which should be the anniversary date from the date of commencement of the agreement

Step 3 – Tenant must very carefully review all Title Articles and within the articles all of their respective sections as follows:

  • Demise; Rent
  • Use
  • Condition of the Premises; Landlord’s Work
  • Tenant’s Work
  • Real Estate Taxes
  • Expenses
  • Electricity – Direct
  • Electricity – Rent Inclusion
  • Electricity – Sub-meter
  • Services
  • Heat/ Ventilation/Air Conditioning
  • Repairs
  • Laws
  • Subordination and Estoppel Certificates
  • Insurance
  • Casualty
  • Condemnation
  • Assignment and Subletting
  • Access
  • Default
  • Remedies
  • Security
  • Broker
  • Notices
  • Representations and Liability
  • End of Term
  • Miscellaneous

Step 4 – Execution of the Lease – Provide the following:

Landlord –

  • Signature
  • By: (Provide the name and title of the person signing this document)

Tenant –

  • Signature
  • By: (Enter the name and the title of whomever may be signing on behalf of the tenant)

Step 5 – Provide Exhibit A

  • The Premises

Provide Exhibit B

  • Landlord’s Work

Exhibit C is provided –

  • The tenant must review and agree to statements 1 through 11 in Exhibit C

Exhibit D – Tenant must carefully read and agree to the information contained in this letter and then complete it as follows:

  • Enter all required information on the Standby Letter of Credit
  • Begin by entering the date of the letter in mm/dd/yyyy format
  • Enter the Standby Letter of Credit Number
  • Enter the name of the Beneficiaries
  • Enter the name of the applicant whether entity or individual
  • Enter the sum that will be transferred to the beneficiary
  • The authorized signatory must provide signature

Should the tenant decided to have reviewed and completed this document on their own, it is highly recommended that the tenant take the opportunity to have legal counsel of your selection, review all of your information, on your behalf, in the event vital corrections or negotiations may be appropriate to assist in the protection of your financial security.