Form of Retail Lease NY is a template intended to facilitate a lease transaction of a retail property between a corporation and a tenant. This lease form has 25 articles requiring various inputs. Please review the form carefully to understand its scope and provisions.
In addition, you need to prepare and enclose Exhibit A to I. However, Exhibit G to I are optional and needed as and when applicable. Use enclosed Form of Letter of Credit for guidelines while acquiring the letter of credit from your bank. This retail lease form is legally binding on all involved parties. Please go through and complete riders like Extension Option, Food Use, etc. Due consideration of each article and the exhibits of this form is very necessary before proceeding. The property drawing on Exhibit C need not be to the scale. However, it must provide the idea of the premises as it is.
Steps to prepare Form of Lease NY
Begin by entering the date of the lease agreement, name and title of the corporation also acting as the Landlord, and the name of the Tenant in the foremost portion of the Form of Lease NY.
Article 1 – Basic Terms and Definitions
- Enter name of the broker on line 1.2.
- Enter address of the building on line 1.3.
- Enter date of commencement on line 1.4.
- Enter the date of termination on line 1.5.
- Enter the number of years of extension on line 1.6.
- Enter name of the guarantor on line 1.9.
- Enter address for sending notice. Use line 1.11a for Landlord’s address and line 1.11b for tenant’s address.
- Enter the permitted use of the premises on line 1.12.
- Enter Proportionate Share in percent on line 1.14.
- Enter amount of security deposit and duration of holding the deposit on line 1.17.
Article 2 – Demise; Rent
- Enter estimated date of commencement of the lease on line 2.6.
Article 3 – Use; Rules and Regulations; Tenant Operations; Signs
- Enter the number of working hours, time, and number of working days as requested in the Form of Retail Lease line 3.4. Then enter non-operational hours of the day on the respective spaces.
Article 20 – Security
- Enter the number of months twice to determine the amount of security as requested on line 20.1.
The Landlord and the Tenant must date and sign this Form of Retail Lease after entering their names and titles if any on the respective lines after Article 25 – Miscellaneous.
Acknowledgement and Individual Acknowledgment
Sections Acknowledgement and Individual Acknowledgment of the lease form require notarization of the signatures and identity of the Landlord and the Tenant. Please sign this form before a notary public of NY State. In addition, this form requires carrying sufficient proof of identity with you while signing before the notary public to establish your identity before him/her.