Alabama Commercial Lease Agreement is a legal contract between a landlord of a commercial property and a tenant. The lease agreement is legally binding on both signing parties. Preparing this legal instrument in its entirety is simple, provided both parties prepare it together. Notarization of signatures on the document is not necessary. Both signing parties must provide accurate information in the requested fields. You may decide to modify the document to suit custom requirements; however, seeking legal counsel during such modifications is necessary. Revocation of the lease agreement prior to its natural date of termination is possible when the landlord serves a two-day written notice to the tenant upon default as specified in Section 18(b). This document is suitable for entering into a tenancy contract within the jurisdiction of Alabama State and the state law governs such transaction.
Steps to Prepare Alabama Commercial Lease Agreement
This nine-page document requires various inputs from the property owner as well as the tenant. Both signing parties must provide following information.
- County name
- Date of the execution of the lease agreement in the required format
- Name and address of the landlord
- Name and address of the agent if any
- Name and address of the tenant
- Property description and proposed use of the premises in section 1
- Lease term along with dates of commencement and termination in section 2
- Information about rent in words and figure in section 3
- Amount of late payment charges in section 4
- Information about the security deposit in section 6
- Information about property insurance in section 16
- Amount of lease assignment fee in section 24
- Information about agent, commission, and responsibility of payment in section 26
- Information about number of pages of the addendum in section 36
- Date of signing the lease agreement
- Name and signature of the agent
- Signature of the landlord
- Signature of the tenant
A landlord and the tenant can mutually agree on the lease term. In addition, execution of such commercial lease agreements is possible in three ways, namely Triple Net, Gross, and Modified Gross. This lease agreement is suitable for leasing all sorts of commercial properties like office or industrial spaces and retail locations.