Office Lease Agreement (Multi-Tenant Net Lease) (Pro-Landlord Medium Form)

by Practical Law Real Estate

A Standard Document that is a medium form lease agreement favoring the landlord for use in a multi-tenant office building. This Standard Document outlines key terms where the tenant typically pays a proportionate share of real estate taxes, operating expenses, and other building charges in addition to base rent, characteristic of a net lease or triple net lease structure. It addresses essential leasing aspects such as the demise of premises, term, rent obligations including calculations for operating expenses and taxes, and repair and maintenance responsibilities for both landlord and tenant. Furthermore, this Standard Document details provisions for alterations, tenant transfers like assignments and subleases requiring landlord consent, casualty and condemnation events, insurance requirements, and comprehensive default and remedy clauses. It also covers security deposits, which may be in the form of cash or a letter of credit, potential renewal rights for the tenant, and landlord relocation rights, alongside compliance with laws such as the Patriot Act and force majeure considerations. While leases are generally governed by state law, this jurisdictionally neutral template is useful and relevant in every state. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.