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Commercial Lease Agreement Template – New York
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Commercial Lease Agreement Template
Rent First Terms.
This Commercial Lease Agreement (the “Agreement”) is made and entered into as of [Date], by and between:
Landlord: [Full Legal Name], having a mailing address of [Address], hereinafter referred to as the “Landlord.”
Tenant: [Full Legal Name], having a mailing address of [Address], hereinafter referred to as the “Tenant.”
The Landlord and the Tenant may each be referred to herein as a “Party” and collectively as the “Parties.”
Core Payment Obligations.
a. Tenant shall pay base rent and any additional rent as required by this Agreement.
b. Payment Address/Account: [Payee Name] / [Mailing Address or Payment Portal].
c. Late Charges: If amounts due are not received within [Grace Period] after the due date, a late fee of [Late Fee Amount or Percentage] may be charged.
Premises and Use.
a. The Landlord hereby leases to the Tenant the following commercial property (“Premises”): [Full Property Address and Description (suite number, floor, etc.)].
b. Permitted Use: The Premises shall be used exclusively for [Describe Tenant’s Business/Authorized Use]. Any other use is prohibited without the prior written consent of the Landlord.
c. Tenant shall comply with applicable federal, state, and local laws, regulations, and ordinances applicable to Tenant’s use of the Premises.
Term and Possession.
a. The term of this Agreement (“Term”) shall commence on [Commencement Date] and shall expire on [Expiration Date], unless earlier terminated under this Agreement.
b. If Tenant remains in possession after expiration without executing a new lease, such possession shall be deemed a month-to-month tenancy under the same terms except as modified by Landlord in writing.
c. Rent for any partial month shall be prorated based on a [30-day month / actual days in month] basis.
Security Deposit.
a. Tenant shall pay a security deposit in the amount of [Security Deposit Amount in USD] upon execution of this Agreement or before taking possession of the Premises.
b. The security deposit may be applied to damages, unpaid rent, or other charges related to Tenant’s breach.
c. Return of any remaining balance shall be handled in accordance with applicable law and this Agreement.
Additional Rent and Reconciliation.
a. Lease Structure: [Gross / Modified Gross / Net / Triple Net (NNN)].
b. If additional rent applies, Tenant shall pay its proportionate share of [real estate taxes / property insurance / CAM] based on [Square Footage / Other Allocation Method].
c. Estimate and True-Up: Landlord may bill estimated additional rent in [monthly / quarterly] installments and reconcile to actual costs within [Reconciliation Timeframe]. Any overpayment shall be credited and any underpayment shall be due within [Days] after invoice.
Utilities, Services, and Access.
a. Utilities: Unless otherwise specified, Tenant shall arrange and pay for electricity, gas, water, trash removal, internet, and telephone.
b. Interruption: Landlord shall not be liable for interruption beyond reasonable control, and shall use reasonable efforts to restore service if Landlord is contractually responsible.
c. Building Access: [Keys/Fobs/Codes], [After-hours procedure], [Freight elevator rules if any].
Maintenance, Repairs, and Alterations.
a. Tenant shall keep the Premises clean and orderly and make non-structural repairs necessary due to Tenant’s use or occupancy.
b. Landlord shall be responsible for structural repairs to the roof, foundation, and exterior walls, except as otherwise agreed.
c. Alterations require Landlord’s prior written consent and shall comply with applicable law and building requirements.
Insurance.
a. Tenant shall maintain commercial general liability insurance with coverage of at least [Minimum Coverage Amount], naming Landlord as an additional insured.
b. Landlord may maintain property insurance for the structure, the cost of which may be reimbursed by Tenant as additional rent if applicable.
c. Each Party releases the other to the extent of insurance proceeds received for covered property damage losses.
Transfers and Occupancy Controls.
a. Tenant shall not assign this Agreement or sublet any portion of the Premises without Landlord’s prior written consent.
b. Any unauthorized assignment or sublet is void and constitutes a default.
c. If consent is granted, Tenant shall provide [Subtenant/Assignee Name], [Contact], and [Insurance Evidence] prior to occupancy.
Default and Remedies.
a. Tenant is in default if Tenant fails to pay amounts when due or breaches a material term and fails to cure within [Cure Period] after written notice.
b. Upon default, Landlord may terminate this Agreement, retake possession, and pursue remedies available at law or in equity.
c. Fees: The breaching Party shall pay reasonable legal fees and costs to the extent permitted by law.
Casualty and Condemnation.
a. If the Premises are damaged by fire or other casualty so it becomes substantially unusable, Landlord shall use available insurance proceeds to repair within a reasonable time.
b. If repairs cannot be completed within [Time Frame], either Party may terminate upon written notice.
c. If a governmental authority takes all or a substantial part of the Premises such that it cannot be used for Tenant’s purposes, this Agreement shall terminate as of the date of taking.
Notices and General Terms.
a. Governing Law and Venue: This Agreement shall be governed by the laws of the State of New York. Any legal action shall be filed in the state or federal courts located in [County/Borough], New York, and the Parties consent to jurisdiction there.
b. Notices: Notices shall be in writing and deemed given when delivered personally, sent by certified or registered mail (return receipt requested), or sent by a recognized courier service to the addresses stated above (or as updated by notice).
c. Entire Agreement; Severability: This Agreement and any addenda constitute the entire agreement. If any provision is invalid, the remaining provisions remain in effect.
Module 1 - Base Rent Schedule.
The base rent schedule below forms part of the Agreement.
Lease Period | Base Monthly Rent | Payment Notes |
[Months 1-12] | [Rent Amount in USD] | Due on [Due Date] via [Payment Method] |
[Months 13-24] | [Rent Amount in USD] | [Fixed / CPI / % increase: ____] |
[Months 25-36] | [Rent Amount in USD] | [Fixed / CPI / % increase: ____] |
[Remainder of Term] | [Rent Amount in USD] | [Specify escalation method] |
Module 2 - Additional Rent Categories.
a. Additional Rent Categories: [Taxes], [Insurance], [CAM], [Other: ____].
b. Exclusions/Limitations: [Capital expenditures excluded / capped / included as follows: ____].
c. Records: Landlord shall maintain reasonable records supporting additional rent charges for [Retention Period].
Module 3 - Notice Delivery Preferences.
a. Email Copy: In addition to formal notice, each Party may request courtesy email copies to: Landlord: [Email]; Tenant: [Email].
b. Notice Recipients: Notices to Tenant shall also be sent to [Tenant Counsel / Agent Name and Address] if provided in writing.
c. Address Changes: Any change to notice addresses must be made by written notice and is effective on [Effective Date].
Signatures.
IN WITNESS WHEREOF, the Parties have executed this Commercial Lease Agreement on the dates indicated below.
Landlord: [Landlord Name]
Signature: ______________________________
Name/Title: [Authorized Signatory / Title]
Date: ______________________________
Tenant: [Tenant Name]
Signature: ______________________________
Name/Title: [Authorized Signatory / Title]
Date: ______________________________
Broker Acknowledgment (if any): [Broker Name]
Signature: ______________________________
Date: ______________________________
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Commercial Lease Agreement Template – New York
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For quick answers, scroll below to see the FAQ.
New York Commercial Lease Agreement Template FAQ
How should a New York commercial lease handle rent increases over a multi-year term?
Put the escalation method in writing and tie it to clear dates so there is no confusion about when increases apply. Many parties prefer fixed annual increases, while others use an index or a negotiated reset at renewal. Whatever method you choose, state when the new rent becomes due and whether it affects additional rent calculations. A simple rent schedule in the lease reduces payment disputes and helps both sides forecast cash flow.
What is additional rent, and how do reconciliations work in practice?
Additional rent is typically the tenant’s share of property-level costs that are billed separately from base rent, such as taxes, insurance, or common area maintenance. In practice, landlords often bill estimates during the year and reconcile to actual costs later. To keep it predictable, the lease should state the allocation method, what categories are included or excluded, and when true-ups occur. A clear timeline for payment or credit after reconciliation helps prevent arguments over stale invoices.
How can the lease reduce disputes about notice delivery and deadlines?
Disputes often happen when one side believes a notice was not sent or was sent to the wrong person. A good clause specifies acceptable delivery methods, the addresses that control, and when a notice is considered received. If you also want email courtesy copies, include them as optional and separate from formal notice. When deadlines matter, pairing the notice clause with a clear cure period keeps both sides on the same calendar.
What should a tenant ask for before agreeing to a net lease expense allocation?
Start with the allocation method and make sure it is measurable, such as rentable square footage or another stated denominator. Then confirm the categories that can be billed, any caps, and whether certain one-time items are excluded or handled differently. Also address the frequency of billing and the timing of reconciliations. If access to records matters, the lease can require reasonable supporting documentation and a retention period. Also ask how and when the landlord will provide supporting statements, and what time window you have to dispute a charge after invoicing.
Does a landlord have to allow assignment or subletting in a New York commercial lease?
Commercial leases commonly restrict transfers unless the landlord gives written consent. If flexibility is important, negotiate a process that requires notice and basic information about the transferee, including intended use and insurance. The lease should state whether the original tenant remains liable after a permitted transfer and whether the landlord can require an agreement directly with the new occupant. Clear transfer rules avoid disputes when the business changes or the space is sold.
How should insurance requirements be written so certificates are actually usable?
State the coverage types, minimum limits, and whether the landlord must be named as an additional insured. If you need specific endorsements, list them in the lease so the tenant’s broker knows what to request. Also state when evidence of coverage is due, such as at signing and upon renewal, and how it must be delivered. These details matter because a vague insurance clause can delay move-in and create risk gaps.
What happens if the space becomes unusable due to fire or another casualty?
Most leases provide that the landlord will repair using available insurance proceeds, and that rent may abate while the space is untenantable. To keep expectations realistic, the lease should include a termination option if repairs cannot be completed within a stated timeframe. It should also address what happens to tenant improvements and personal property. Clear casualty terms help both sides plan for downtime and avoid arguments during a stressful event.
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