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What are the most common commercial lease terms and conditions that I should be aware of as a business owner in Ohio?

Picture of Chris Battis By   ·  1 minute read

As a business owner in Ohio, there are a number of important lease terms you should be aware of when negotiating a commercial lease. Some of the most common lease terms and conditions include:

  1. Rent and Escalation: One of the primary considerations of a commercial lease is the rent amount and possible escalation of rent over the term of the lease.
  2. Lease Term: A commercial lease will specify the duration of the lease, including start and end dates.
  3. Use of the Property: A lease will also specify how the property can be used by the tenant, as well as any restrictions on the use of the property.
  4. Maintenance and Repairs: The lease will specify which party is responsible for what repairs, upkeep and maintenance of the leased property.
  5. Alterations and Modifications: Many businesses require alterations or modifications to the property to better accommodate their needs. The lease should specify who is responsible for paying for such modifications.
  6. Subleasing: The lease will specify whether or not subleasing is allowed and, if so, under what conditions.
  7. Insurance: Typically, a business as a tenant is required to carry liability insurance to cover any accidents or injuries of third parties on their leased property.
  8. Termination Clause: A lease will have termination provisions, that may be triggered by the landlord or the tenant.
  9. Security Deposits: Most commercial leases require a security deposit to be posted by the tenant.
  10. Renewal Options: Finally, lease agreements are typically offered with options for renewal or extension, which allows you to continue using the property beyond the initial lease period.

It is important to carefully negotiate and review each of these terms to ensure that they meet the needs of your business. It may be helpful to work with a qualified attorney or commercial real estate agent to help you understand any potential limitations or exceptions to these lease terms and conditions. You may also want to seek legal advice in drafting a lease or reviewing a potential lease agreement prior to finalizing the lease with the landlord.