USE CLAUSES - Understanding Commercial Leases - Part 5
Thursday, November 22
This is Part 5 of a multi-part series on Understanding Commercial LeasesUSE CLAUSESPURPOSE - A use clause outlines what “is” and “is not” an allowable use of the premisesTENANT MIX - Having tenants with various uses that, taken together, provide a good “mix” of services that will increase the lik...
TERM OF LEASE - Understanding Commercial Leases - Part 4
Thursday, November 22
This is Part 4 of a Multi-Part series on Understanding Commercial LeasesTERM OF LEASECOMMENCEMENT DATE - Date the lease period begins and usually when Tenant starts paying rent although Tenant is frequently allowed to use premises before commencement dateTERMINATION DATE - Date when Tenant’s righ...
DESCRIPTION OF THE PREMISES - Understanding Commercial Leases - Part 3
Thursday, November 22
This is Part 3 of a Multi-Part series on Understanding Commercial LeasesDESCRIPTION OF THE PREMISESACCURACY - Special care should be taken to make sure the premises is accurately describedSITE PLAN - it is sometimes useful to add a drawing of the property that shows the portion of the property be...
NAMES OF THE PARTIES - Understanding Commercial Leases - Part 2
Thursday, November 22
This is Part 2 of a Multi-Part series on Understanding Commercial LeasesNames of the PartiesIt is EXTREMELY important, especially on a commercial lease, that you get the names of the parties correct. I can't tell you how many times I've seen landlords lease their property to a LLC or Corporation ...
WHAT IS A LEASE? - Understanding Commercial Leases - Part 1
Thursday, November 22
Here is Part 1 of a multi-part series on Understanding Commercial Leases.Let's start at the beginning with some basic background info.What is a Lease?A lease is a CONTRACT by which one CONVEYS real estate, equipment or facilities for a SPECIFIED TERM and for a SPECIFIED RENT.CONTRACT - A legally ...
Change Your Mindset - Get To instead of Have To
Friday, November 02
I've been frequenting BP quite a bit over the last few weeks and I keep seeing one trend among newbies that I think might be holding some people back.That trend is being penny wise and pound foolish (as the saying goes).People are reluctant to get real estate agents involved because they might ha...