What do I need to consider when drafting a commercial lease agreement in New York?

As a lawyer, when drafting a commercial lease agreement in New York, there are several key considerations you should keep in mind:

1. Description of the premises: You should clearly describe the premises that are being leased, including their location, dimensions, and any unique features. Additionally, you should include a table of rentable square footage to avoid disputes over rentable versus usable square footage.
2. Term of the lease: You should specify the start and end dates of the lease, as well as any renewal options, termination provisions, or early termination options available to either party.
3. Rent and other charges: You should specify the amount of rent due, the frequency of payments, and any late fees or penalties for failure to pay rent. Additionally, you should specify whether the tenant or landlord is responsible for paying utilities, property taxes, insurance, or maintenance costs.
4. Use of the premises: You should specify the permitted uses of the premises and any restrictions on use, such as noise restrictions, signage restrictions, or restrictions on hours of operation. Additionally, you should specify any required permits or licenses required for the tenant’s intended use of the premises.
5. Maintenance and repairs: You should specify which party is responsible for maintaining and repairing the premises and any common areas, as well as the scope of the maintenance and repair obligations.
6. Security deposit: You should specify the amount of any security deposit required and the conditions for its return, such as completion of repairs or restoration of the premises to their original condition.
7. Insurance: You should specify any required insurance coverage and the party responsible for obtaining and maintaining such coverage, such as liability insurance, property insurance, or workers’ compensation insurance.
8. Indemnification: You should specify which party is responsible for indemnifying the other party in the event of any claims or damages arising from the lease or the use of the premises.
9. Assignment and subletting: You should specify any restrictions or conditions on the tenant’s ability to assign or sublet the premises, or allow third parties to use the premises.
10. Dispute resolution: You should specify the mechanism for resolving disputes between the parties, such as mediation, arbitration, or litigation.

Limitations and exceptions to the advice given may depend on the specific facts and circumstances of each case, and you should consult with a licensed attorney for further guidance. Additionally, you should ensure that the lease agreement complies with all relevant laws and regulations in New York, including the New York Real Property Law and the New York General Obligations Law.