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Leasing Ideas for Commercial Space Tenants

Posted by on Jun.16, 2017, under Office Space

Right to Assign or Sublease: There are a numerous reasons the company might require these rights. The company could have been merged, sold or the company might need to downsize or even sometimes grow into bigger space. You must make sure at least the lease allows you the permission to sublease or assign which might not be delayed, conditioned or withheld without any reason.

If Your Lease has Relocation Clause demand a Concession: In the case of smaller tenants, the landlord will reserve the power to relocate or move your company to a different space in the building. This will definitely look like a terrible disruption to your business. You will have to pay for the move and also print new stationary. The new space will not be arranged as the same old one. So, always make it clear that the landlord must pay for the move and expenses relating to it incurred. The new suite must always meet all your requirements. No need to pay extra amount beyond the rent just because the space they moved you is larger than the old space. Finally, if the new space doesn’t suit to your need, request a termination option. Also demand compensation for moving into a different space.

Return upon Condition: In some Office for Rent In Chennai, mostly in retail leases, tenant is required to return the premises in the same new condition while they received in the beginning, during the end of the lease term. This is not required if you were started out with a ‘vanilla box,’ which was added out of your specifications. Make sure to add that along with the general wear and tear and also damage by causality which is accepted.

Consents of the Landlords: Same as the right of assignment and sublease, always make sure that a Landlord’s consent will not be delayed, conditioned or withheld unreasonably.

Audit Default Language Paragraph: The default language paragraph will make you default by not sending a copy of certificate of insurance which is really unnecessary. Other reason of the tenant default would be if you didn’t compete an obligation in time. At the most, make sure you are given a written notice of a default and time period to cure the default previous to the landlord with being entitled to take any action on you.

Never rely on Verbal Commitments: Never ever rely on Verbal Commitments when it comes to Commercial Space for Rent in Chennai. For example, some landlord’s property manager might promise that they would install new signs within a retail center. It would be never done even after months of time. Verbal commitments will never be fulfilled. If you wish something to be executed, then it must be in writing to demand legally.

Non disturbance Agreement: This will ensure that even if lender of the landlord forecloses on the property, then your lease cannot be stopped. Also make sure that the lease mentions any future lender that claims the property via foreclosure should not terminate the lease.

Smaller Landlords Self-Help Clauses: If you have mentioned in your lease agreement that you will fix a issue that the landlord fails to do, then you must reduce your rent payments with the amount it costs you to repair. You should provide an incentive for the landlord to do the work by themselves.

Low Holdover Rate: The holdover rate is generally the rental rate charged on tenant if he stays in the space even after the lease term has expired. The holdover rate can be equal to 200% of the current rent sometimes.

Remember these tips while leasing a Commercial Property For Rent In Chennai.

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