Structure
When entering into a commercial lease in Wisconsin, understanding the nuances of the Wisconsin Commercial Lease Agreement form is crucial for both landlords and tenants. This document outlines the terms and conditions governing the rental of commercial property, ensuring that both parties have a clear understanding of their rights and responsibilities. Key aspects include the lease duration, rental payment structure, and security deposit requirements. Additionally, the agreement specifies permitted uses of the property, maintenance obligations, and procedures for lease termination. It also addresses important issues such as property modifications, insurance requirements, and dispute resolution methods. By familiarizing themselves with these components, individuals and businesses can navigate the leasing process more effectively, minimizing potential conflicts and fostering a productive landlord-tenant relationship.
Form Example
Wisconsin Commercial Lease Agreement
This Wisconsin Commercial Lease Agreement (hereinafter referred to as the "Agreement") is entered into on this ______ day of ________________, 20____ (the "Effective Date"), by and between _________________________ (hereinafter referred to as the "Landlord"), with a mailing address of ______________________________________________, and ___________________________ (hereinafter referred to as the "Tenant"), with a mailing address of ________________________________________________.
WHEREAS, the Landlord is the lawful owner of the premises located at ________________________________________ (the "Premises"), situated in the state of Wisconsin; and
WHEREAS, the Tenant desires to lease the Premises from the Landlord for commercial purposes subject to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
- Description of the Premises: The Premises are described as follows: _______________________________________. The Premises shall be used for commercial purposes only, specifically for __________________________________________________________________.
- Term: The term of this Agreement shall commence on __________________, 20____, and shall terminate on __________________, 20____, unless sooner terminated as provided herein.
- Rent: The Tenant agrees to pay the Landlord a monthly rent of $______________, payable in advance on the first day of each month. The first month's rent shall be due upon the execution of this Agreement.
- Security Deposit: The Tenant shall deposit with the Landlord, upon execution of this Agreement, the sum of $______________ as a Security Deposit to secure the Tenant's faithful performance of the terms of this Agreement. Any balance remaining shall be returned to the Tenant within ______ days after the termination of this Agreement.
- Maintenance and Repairs: The Tenant shall, at its own expense, maintain the Premises in good repair and condition, except for normal wear and tear and damages by the elements or by circumstances beyond the Tenant's control.
- Alterations and Improvements: The Tenant may not make any alterations or improvements to the Premises without the Landlord's prior written consent. All alterations or improvements shall become the property of the Landlord upon termination of this Agreement.
- Compliance with Laws: The Tenant agrees to comply with all state and local laws and ordinances and regulations affecting the Premises' use, including obtaining any necessary licenses or permits for its business.
- Insurance: The Tenant shall maintain, at its own expense, a comprehensive general liability insurance policy covering the Premises and its operations, naming the Landlord as an additional insured, with coverage amounts satisfactory to the Landlord.
- Termination: This Agreement may be terminated by either party upon giving __________ days written notice to the other party.
- Dispute Resolution: Any disputes arising under this Agreement shall be resolved through binding arbitration in accordance with the rules of the American Arbitration Association, and judgment on the arbitration award may be entered in any court having jurisdiction thereof.
- Applicable Law: This Agreement shall be governed by and construed in accordance with the laws of the state of Wisconsin.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date first above written.
Landlord: ________________________________________
Tenant: __________________________________________
File Specifications
| Fact Name | Description |
|---|---|
| Governing Law | The Wisconsin Commercial Lease Agreement is governed by the Wisconsin Statutes, particularly Chapter 704, which pertains to rental agreements and landlord-tenant relationships. |
| Parties Involved | The lease agreement typically involves two main parties: the lessor (landlord) and the lessee (tenant). Each party has specific rights and obligations outlined in the lease. |
| Property Description | A detailed description of the commercial property is essential. This includes the address, type of property, and any specific features relevant to the lease. |
| Lease Term | The lease term specifies the duration of the agreement. This can range from a few months to several years, depending on the needs of the parties involved. |
| Rent Payment Details | The agreement must clearly outline the rent amount, payment frequency, and acceptable payment methods to avoid confusion. |
| Security Deposit | Typically, a security deposit is required. This deposit protects the landlord against potential damages or unpaid rent and is subject to specific state regulations. |
| Maintenance Responsibilities | The lease should specify who is responsible for maintenance and repairs. This can vary based on the type of property and the agreement between the parties. |
| Use of Premises | The lease must define the permitted use of the premises. This ensures that the tenant operates within the agreed-upon business activities. |
| Termination Clauses | Termination clauses outline the conditions under which either party can terminate the lease. This includes notice periods and reasons for termination. |
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