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Write a Commercial Lease Agreement for ABC Corporation
Commercial Lease Agreement
COMMERCIAL LEASE AGREEMENT
This Commercial Lease Agreement ("Agreement") is made and entered into as of [Date], by and between [Landlord's Full Name], with an address at [Landlord's Address] ("Landlord"), and ABC Corporation, a corporation organized and existing under the laws of Kenya, with its principal office located at [Tenant's Address] ("Tenant").
1. Premises
Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the premises located at [Premises Address] ("Premises"), together with all improvements, fixtures, and appurtenances, upon the terms and conditions set forth in this Agreement.
2. Term
The term of this lease shall commence on [Commencement Date] and shall continue for a period of [5 years and 3 months] ("Term"), unless sooner terminated as provided herein.
3. Rent
Base Rent: Tenant shall pay to Landlord as base rent for the Premises the sum of [Amount in KES] per month ("Base Rent"), payable in advance on the first day of each month during the Term.
Additional Rent: Tenant shall also pay as additional rent all other sums of money as shall become due and payable by Tenant to Landlord under this Agreement.
4. Security Deposit
Upon execution of this Agreement, Tenant shall deposit with Landlord the sum of [Amount in KES] as security for the full and faithful performance by Tenant of all the terms of this Agreement ("Security Deposit"). The Security Deposit shall be returned to Tenant within [30] days after the expiration or termination of this Agreement, less any amounts deducted by Landlord for damages or unpaid rent.
5. Use of Premises
The Premises shall be used and occupied by Tenant solely for the purpose of conducting [describe business activities] and for no other purpose without the prior written consent of Landlord.
6. Maintenance and Repairs
Tenant's Obligations: Tenant shall, at its own expense, maintain the Premises in good condition and repair, including but not limited to, the interior, fixtures, and equipment.
Landlord's Obligations: Landlord shall maintain the structural integrity of the building, including the roof, exterior walls, and foundation.
7. Utilities and Services
Tenant shall be responsible for and shall promptly pay all charges for utilities and services furnished to the Premises, including but not limited to, electricity, water, gas, telephone, and internet services.
8. Alterations and Improvements
Tenant shall not make any alterations, additions, or improvements to the Premises without the prior written consent of Landlord. Any such alterations, additions, or improvements shall be made at Tenant's expense and shall become the property of Landlord upon termination of this Agreement.
9. Insurance
Tenant shall, at its own expense, maintain during the Term of this Agreement, comprehensive general liability insurance and property insurance covering the Premises and Tenant's personal property, with coverage amounts and policies acceptable to Landlord.
10. Indemnification
Tenant shall indemnify, defend, and hold harmless Landlord from and against any and all claims, liabilities, damages, and expenses arising from Tenant's use or occupancy of the Premises, except to the extent caused by the negligence or willful misconduct of Landlord.
11. Assignment and Subletting
Tenant shall not assign this Agreement or sublet the Premises or any part thereof without the prior written consent of Landlord, which consent shall not be unreasonably withheld.
12. Default
In the event of any default by Tenant in the payment of rent or the performance of any other obligation under this Agreement, Landlord shall have the right to terminate this Agreement and re-enter the Premises, in addition to any other rights and remedies available at law or in equity.
13. Termination
This Agreement may be terminated by either party upon [90] days' written notice to the other party, provided that such termination shall not relieve Tenant of its obligation to pay rent through the date of termination.
14. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Kenya.
15. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, representations, or agreements, whether written or oral. This Agreement may be amended only by a written instrument signed by both parties.
16. Notices
All notices required or permitted under this Agreement shall be in writing and shall be deemed delivered when delivered in person or deposited in the United States mail, postage prepaid, addressed to the respective party at the address set forth above.
17. Severability
If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
18. Waiver
The waiver by either party of any breach of any provision of this Agreement shall not be deemed a waiver of any subsequent breach or of the same or any other provision of this Agreement.
19. Binding Effect
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, and assigns.
IN WITNESS WHEREOF, the parties hereto have executed this Commercial Lease Agreement as of the day and year first above written.
LANDLORD:
[Landlord's Full Name]
[Landlord's Address]
[Landlord's Signature]
[Date]
TENANT:
ABC Corporation
[Tenant's Address]
[Authorized Signatory's Full Name]
[Authorized Signatory's Title]
[Authorized Signatory's Signature]
[Date]
TLDR
This document is a comprehensive Commercial Lease Agreement for ABC Corporation, detailing the terms and conditions for leasing a commercial property in Kenya, including rent, maintenance, insurance, and termination clauses.
Conclusion
This Commercial Lease Agreement provides a clear and detailed framework for the leasing relationship between the Landlord and ABC Corporation, ensuring that both parties understand their rights and obligations. It is essential to review and understand all terms before signing to ensure compliance with Kenyan law.
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Answered by mwakili.com