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Lease Elections Agreement

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LEASE ELECTIONS AGREEMENT

Effective Date:

RECITALS

WHEREAS, Lessor is the owner of certain real property and improvements described herein and has entered into or will enter into a lease (the "Base Lease") providing for occupancy of specified premises; and

WHEREAS, Lessee desires to make one or more elections under the Base Lease regarding renewal rights, purchase options, maintenance responsibilities, rent adjustment mechanisms and related lease provisions, and Lessor is willing to record such elections as provided in this Agreement; and

WHEREAS, the parties desire to set forth their mutual elections and the operative terms that will govern those elections as an amendment and supplement to the Base Lease.

SCOPE OF WORK AND ELECTIONS

Premises (if different from Base Lease):

Elections (check all that apply):

Lessee elects Renewal Option for a term of years commencing on the day after the current Expiration Date.

Lessee elects Purchase Option upon exercise subject to terms below. Purchase price: $

Lessee elects to assume routine maintenance and non-structural repairs as set forth in Exhibit A.

PAYMENT TERMS

Base Rent (if adjusted by election): $ per

Payment Schedule: Monthly Quarterly Annually Other:

Rent Due Day:

Security Deposit: $

Late Fee: of overdue amount or flat fee $ after a grace period of

TERM AND TERMINATION

Lease Commencement Date:

Lease Expiration Date:

Either party may terminate this Agreement for material breach by the other party upon written notice and failure to cure within days after receipt of such notice. Notice required to exercise termination (other than for breach):

Upon termination, Lessee shall surrender possession of the Premises and remove all personal property and trade fixtures in accordance with the Base Lease and this Agreement. Costs to repair damage caused by removal shall be borne by the party removing such items.

CONFIDENTIALITY

Each party (the "Receiving Party") shall hold in strict confidence proprietary or non-public information disclosed by the other party (the "Disclosing Party") in connection with this Agreement ("Confidential Information"). The Receiving Party shall not disclose Confidential Information to any third party except to its employees, agents, attorneys, accountants or financing sources on a need-to-know basis who are bound by confidentiality obligations no less protective than those contained herein.

Confidential Information does not include information that: (a) is or becomes generally available to the public other than by breach of this Agreement; (b) was known to the Receiving Party prior to disclosure by the Disclosing Party without breach of an obligation of confidentiality; or (c) is independently developed by the Receiving Party without use of the Disclosing Party's Confidential Information. Remedies at law for a breach of this Section may be inadequate; the Disclosing Party shall be entitled to seek injunctive relief and other equitable remedies.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of , without regard to principles of conflicts of law.

ENTIRE AGREEMENT; AMENDMENTS

This Agreement, together with the Base Lease and any exhibits or schedules expressly incorporated herein, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior written or oral agreements and understandings. No amendment, modification or waiver of any provision of this Agreement shall be effective unless in writing and signed by both parties.

MISCELLANEOUS PROVISIONS

Severability: If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall remain in full force and effect. Waiver of any breach shall not be deemed waiver of any subsequent breach.

Assignment: Neither party may assign its rights or delegate its obligations under this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld, except that Lessor may assign to any lender as security without Lessee's consent.

Lessor Printed Name:

By:

Date:

Lessee Printed Name:

By:

Date:

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What a Lease Elections Agreement Is and when it applies

A Lease Elections Agreement documents a specific election related to a lease—such as tax treatment, accounting method, or an optional contractual term—agreed by the landlord and tenant. It records which party makes the election, the effective date, the scope of the election, and any conditions or deadlines that trigger reporting, payment, or amendment obligations between the parties.

Why a clear Lease Elections Agreement matters

A precise Lease Elections Agreement reduces ambiguity about tax or accounting choices, protects both parties by setting expectations, and documents deadlines that affect reporting or statutory rights under federal and state law.

Why a clear Lease Elections Agreement matters

Typical users and stakeholders for this agreement

Each stakeholder has different responsibilities: drafting, authorizing, certifying, and retaining the executed agreement according to compliance requirements.

  • Property owners and landlords responsible for lease administration and recording election details for accounting.
  • Commercial tenants making company-level tax or accounting elections that change lease treatment.
  • Tax advisors and counsel who advise on election impact and prepare required filings.

Representative signers and their roles

Brian Fitzgibbons, COO

An executive who signs on behalf of a corporate landlord. Reviews lease election language with accounting and legal teams to ensure corporate policies and financial reporting needs are aligned before executing the agreement.

Tim Martin, Founder

A small real estate operator or tenant principal who executes lease elections for single-property portfolios. Coordinates with accountants and uses signed agreements as audit evidence for tax or lender reporting purposes.

Core elements to include in a professional Lease Elections Agreement

A complete agreement clearly identifies the parties, states the exact election language, sets effective dates, allocates responsibilities, specifies notice and amendment procedures, and includes signature blocks with authority declarations.

Parties

Full legal names and entity types for landlord and tenant, including DBAs and the signatory's capacity.

Election Language

Precise wording describing the election (tax/accounting/operational), any statutory references, and limitations on scope or duration.

Effective Date

Clear effective date using MM/DD/YYYY format, and whether retroactive application is permitted.

Responsibilities

Which party files returns, provides disclosures, pays taxes, or amends books as a result of the election.

Amendment Process

How to modify or revoke the election, required approvals, and any notice periods.

Signature Blocks

Name, title, date lines for each signer and any required notarization or witness statements.

Key required data and verification elements

Legal Names: Full entity or individual name
Federal Tax ID: EIN or SSN as applicable
Effective Date: MM/DD/YYYY format
Signature: Typed or hand-drawn signature
Signer Title: Role and authority
Notarization: If required, notary attestation

Step-by-step: completing a Lease Elections Agreement

Follow these sequential actions to prepare, review, and finalize the election with minimal rework.

  • 01
    Draft the election: Insert precise statutory or accounting language.
  • 02
    Confirm parties: Verify legal names and authority.
  • 03
    Set dates: Use MM/DD/YYYY for effective and filing dates.
  • 04
    Sign and retain: Execute with required signatures and store copies securely.

How to set up a secure online signing workflow

Configure roles, authentication, and notifications so each signer receives the correct fields and audit trail.

Field Configuration
Signers and order Set signer names and sequential or parallel routing.
Authentication method Choose email, SMS code, or KBA where required.
Templates and reuse Save the agreement as a template for future transactions.
Notifications Enable reminders and completion receipts to all parties.

Where to send or file the executed agreement

Routing depends on the election type: internal records, tax advisor, county recorder, or regulatory filing may be required.

  • Internal Records: Store executed originals in tenant and landlord files.
  • Tax Advisor: Provide signed agreement to accountant for reporting.
  • County Recorder: Record only if local law requires recording of lease elections.
  • Regulators: File with any agency if election law requires it.

Digital signing and delivery expectations

Ensure the chosen platform supports any required notarization workflows (in-person or RON) and produces an audit trail suitable for auditors and regulators.

  • Supported formats: PDF, DOCX, HTML
  • Integrations: Salesforce, NetSuite, Google Workspace
  • Security features: TLS in transit; AES-256 at rest

Key timelines and deadlines to track

Track execution dates, filing requirements, and any tax reporting or payment deadlines that relate to the election.

Effective Date:

Date the election takes effect; use MM/DD/YYYY format.

Execution Deadline:

When both parties must sign to validate election.

Tax Reporting Window:

Provide agreement to tax preparer before return deadlines.

Record Filing:

County recording deadlines vary by jurisdiction.

Amendment Notice:

Timelines required to revoke or change the election.

Common mistakes to avoid when preparing the agreement

  • Using ambiguous election language that fails to specify tax or accounting code references and practical effects.
  • Mismatching legal entity names or tax IDs between the agreement and tax filings, causing reporting errors.
  • Skipping signer authority checks: having an unauthorized person sign can render the election unenforceable.
  • Neglecting to retain a complete audit trail, including the signed PDF, signer IP, and timestamp.

Potential penalties and legal risks

Tax Penalties: IRC §6721 penalties for incorrect reporting
Contract Breach: Risk of damages for unauthorized changes
Recording Errors: Incorrect recording may impair priority
Withholding Risk: Backup withholding if TIN is wrong
Evidence Gap: Missing audit trail harms dispute defense
Notarization Failure: Invalid notarization can void the document

Comparison: common eSignature providers for executing Lease Elections Agreements

Key plan and feature differences matter for secure execution, audit trails, and compliance; signNow is listed first for comparison.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial No No Yes, limited Yes, limited
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Frequently asked questions about Lease Elections Agreements

Answers to common execution, validity, and storage questions to help avoid procedural errors and compliance gaps.


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