Commercial leases are anything but standard documents. Taft’s 90 real estate attorneys are adept at understanding and negotiating the provisions that should specifically be contained in commercial leases to uniquely suit our clients’ needs.
We provide experienced legal counsel at the onset of a lease, working with tenants, landlords and/or developers on clause details typically addressed in commercial leases, including:
- The lease term, including its duration and renewal options
- Accurate description of the leased premises space, including common areas and construction particulars
- Computations for rent and allowable escalations
- Additional costs expected for insurance coverage, property taxes, and maintenance-related items
- Specifications for projected build outs and improvements, as set forth in alterations clauses
- Allowable signage types and placement
- Maintenance and premise repairs
- Assignment and subletting of properties
- Use and exclusives clauses
Attorneys also address access issues to ensure that clients and their customers have suitable access to their leased property. We consider shared areas, such as conference rooms, storage rooms, and parking. Reciprocal easement agreements (“REAs”) are utilized to establish the legal right to use shared areas between two or more property owners. REAs are used by private owners of adjoining land or businesses that share an area, such as a large parking lot for a shopping plaza.
Our attorneys are also aware of the requirements set forth by the Americans with Disabilities Act (“ADA”) with stipulations for businesses that are open to the public or that employ more than 15 people to have premises that are accessible to disabled people. We ensure that agreement is reached and documented in the lease as to whether the landlord or tenant will pay for any needed modifications, such as adding a ramp or widening doorways to accommodate wheelchairs.
- Assisted in the acquisition, development, financing, and leasing of shopping centers in the Midwest
- Represented a healthcare network in the leasing of a large amount of replacement space at multiple locations due to its headquarter relocation