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Simple English definitions for legal terms
commercial lease
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A quick definition of commercial lease:
A commercial lease is a contract between a property owner and a business owner. The business owner pays rent to use the property for their business. The lease can be for a set amount of time or can be ongoing. The lease agreement is a written document that outlines the terms of the agreement. The property can be real estate or personal property. The lease can be transferred to someone else if the original lessee wants to assign it.A more thorough explanation:
A commercial lease is a contract between a landlord and a tenant for the use of a property for business purposes. The lease outlines the terms of the agreement, including the rent amount, lease term, and any other conditions or restrictions.
Examples of commercial leases include:
- A lease for a retail store in a shopping mall
- A lease for an office space in a commercial building
- A lease for a restaurant in a downtown area
These examples illustrate how a commercial lease is used to rent a property for business purposes. The lease protects both the landlord and the tenant by outlining the terms of the agreement and ensuring that both parties understand their responsibilities.