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Updated about 4 years ago,
Drafting a parking lease - out of state owner
I'm considering renting out a portion of my undeveloped land to a cafe next door to use as parking. I'm an out of state owner of a vacant parcel in Hawaii. The restaurant next door would like to rent a portion for parking and are offering to keep an eye on the property either in lieu of or perhaps a reduced rent fee, TBD. People dump trash and store vehicles on my land, so I'm amenable. Restaurant owners would like to buy the land if I eventually sell, so they might be motivated to really look after the place.
My insurance requests the restaurant to agree to maintain the portion that they are renting and to add owner (me) as additional insured on their insurance.
What else would you put in such a lease agreement? Should I have a lawyer draft the agreement or at least review a document I write? Should I have the restaurant pay a nominal amount ($10/month) to further cement this is a business agreement? I want to avoid them claiming they did me a favor and should be compensated, or claiming they have rights to the land because they have been using it. They seem honest, straightforward, but better safe than sorry. I also want to be sure I can reclaim the parking area should I decide to develop or sell in the future.