Manufacturing and most service businesses lease dedicated space for their operations. Commercial landlords and tenants (hereinafter “parties”) memorialize their agreements in commercial leases. Most people are familiar with residential leases, but commercial leases and the applicable landlord-tenant law are quite different. State law tends to protect residential tenants far more than it protects commercial tenants. Thus, commercial tenants must be more vigilant to protect their interests. Legal counsel can negotiate terms and highlight “silent leasing issues.” As the phrase implies, these terms are not stated explicitly in the lease. Nevertheless, they are important aspects of the contractual relationship. This column will consider the legal and business environment in which a lease exists. A subsequent column will explore some important terms contained in well-drafted leases. |
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