Fill and Sign the Commercial Property Building Form

Agreement to Lease Commercial Property with Building on the Property to be Built by Lessor – Demolition of Present Building Agreement made on the ________________ (date) , between _____________________ (Name of Future Lessor) , a corporation organized and existing under the laws of the state of _________________, with its principal office located at ________________________________ _____________________________________________ (street address, city, county, state, zip code) , referred to herein as Future Lessor , and _____________________ (Name of Future Lessee) , a corporation organized and existing under the laws of the state of _______________, with its principal office located at __________________________________________________ ______________________________ (street address, city, county, state, zip code) , referred to herein as Future Lessee . Whereas, Future Lessor is the owner of real property (the Property ) described below on which it intends to erect a new building for commercial purposes after the demolition of the present structure located on that Property; and Whereas, Future Lessee desires to lease the Property on completion of the new building; and Whereas, the parties desire to enter an agreement defining their respective rights and duties in any subsequent lease. Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Terms and Condition of Lease A. Future Lessor shall lease the Property located at _________________________ _____________________________________________ (street address, city, county, state, zip code) , to Future Lessee for a term of ______ (number) years, such lease, however, to be conditioned on the successful demolition of the structures presently on the Property and on the construction of a new building on the Property in compliance with the detailed specifications contained in Exhibit (designation of exhibit) _____ attached to this agreement. B. The effective date of the subsequent lease shall be _____ (number) days after the building is ready for occupancy by Future Lessee. 2. Rental Future Lessee shall pay a total rental of $__________ for the lease term, to be paid at the rate of $_____________ per month payable on the _______ (number) day of each month for the succeeding month. 3. Use of the Property Future Lessee shall use the Property only for the purpose of (description of purpose) ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________. 4. Taxes and Utilities A. Future Lessee shall pay all property taxes and assessments of any nature levied on the Property by an authorized governmental agency. B. Future Lessee shall pay all charges incurred for utility services supplied to the Property, including charges for water, gas, electricity, sewer, and telephone. 5. Assignment and Sublease Future Lessee shall have the right to either assign or sublet the Property at any time during the term of any subsequent lease without the prior consent of Future Lessor, providing that Future Lessee shall remain primarily liable for payment of the total rental due under the terms of that lease. 6. Option to Renew Future Lessor shall have the option to extend the term of any subsequent lease for ______ (number) periods of equal duration to the term of the lease, and any extension of the lease shall be at a renegotiated rental. 7. Limitations on Agreement This Agreement shall be void and of no force or effect if Future Lessor fails to have the building constructed on the Property, or if a lease for the completed building has not been executed by the parties to this Agreement by _______________ (date) . 8. Severability The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 9. No Waiver The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 10. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _______________. 11. Notices Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 12. Attorney’s Fees In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees. 13. Mandatory Arbitration Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 14. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 15. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 16. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 17. In this Agreement, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine. WITNESS our signatures as of the day and date first above stated. _______________________________ _________________________________ (Name of Future Lessor) (Name of Future Lessee) By:______________________________ By:_______________________________ ________________________________ __________________________________ (P rinted name & Office in Corporation) (P rinted name & Office in Corporation ________________________________ __________________________________ (Signature of Officer) (Signature of Officer)