In negotiating and drafting a commercial lease you should keep in mind lease issues can adversely impact your business. Rarely will you be able to use your own lease form and therefore you should have your New Jersey real estate attorney carefully review the commercial lease for any issues which can negatively affect your business.
Business operations. The terms of your lease must ensure you can operate profitably from the premises and obtaining favorable terms on the following should be a priority:
• Permitted uses
• Exclusive use
• Non-disturbance by lender
• Financing
• Franchisor rights
• Expansion
• Maintenance
• Short deadlines for repairs/restoration of services
• Available and affordable parking
• Signage
Unanticipated expenses. You must also include clauses in your lease that help you avoid financial surprises and can provide some advance notice so you can budget ahead of time for any additional costs. If you can include the following in your commercial lease it can help you to avoid extra and unanticipated expenses for your business:
• Obtaining a turn key space
• Ensuring the premises are in compliance with laws, regulations and ordinances
• Separate utilities
• Caps on shared costs
• Reasonable limits on insurance costs
• Limitations of repair/improvements at end of lease
Exit strategy. Considering that a large percentage of businesses fail every year and/or are sold, you must ensure your commercial lease incorporates clauses that allow you an exit strategy including but not limited to:
• Lease transfer
• Lease termination
• Dispute resolution and terms
Contact a New Jersey Commercial Lease Attorney
When negotiating a commercial lease you need an experienced New Jersey commercial lease attorney to protect rights and interests. Contact Marone Law online or call 215-238-1244 to discuss your commercial lease.