One of the first issues many new business owners must address is finding the right location for its operations. While finding the best location from a marketing standpoint is certainly important, it is equally important that the business owner understand its rights and obligations under a commercial lease before they sign it.
Business owners seeking to lease space will undoubtedly be presented with a lease that is favorable to the landlord. Having an experienced attorney review and/or negotiate the terms of your commercial lease is an important investment for a new business owner seeking to avoid unnecessary aggravation in the future. For example, an attorney can help you understand issues such as:
- Under the lease, are you responsible for any costs or expenses in addition to your monthly rent?
- If it is a multi-tenant facility, what are your rights and liabilities with respect to common areas such as hallways, lobbies and parking areas?
- Are there any limitations on your ability to perform improvements to the leasehold that could be beneficial to your business?
- What are your obligations with respect to maintenance and repairs to the leasehold?
- Does the lease contain a right to renew and/or extend should you wish to remain at the location?
- Does the lease contain a provision allowing you to sublease and/or assign the lease should you wish to move to a new location?
- What are your duties and obligations concerning indemnification and insurance coverage with respect to the landlord?
Business owners have enough to deal with without having to worry about interpreting the terms of a commercial lease. Having an experienced attorney review the terms of your lease will not only put your mind at ease as to the contents of the lease, but also allow you to focus on what is really important: succeeding in your business.
To learn more about attorney review and negotiation of commercial leaseholds, feel free to contact me at firstname.lastname@example.org or call me at (973) 696-8391 ext. 222.