On the other hand, residential tenancy agreement is also called residential rental agreement formed by owners for the rental of real estate for residential purposes. The fundamental difference between the two contracts is that the commercial lease applies to commercial lease property, while the residential lease applies to the purpose of the residence. Comparing the two, commercial leases are complex and more complicated than residential leases. B. Rent for a renewal period, provided that it has been established in accordance with this lease agreement, i.e. [annual rent extended] per year, payable in instalments of [monthly rental amount] per month. (b) commercial general liability insurance (including, but not limited to, the legal liability of the tenant and contractual liability to assume the liabilities assumed under Article 10.2 of this Agreement) against claims relating to bodily, fatal or material damage that occurs on or around premises, public spaces and facilities, building and land, roofing, including activities and operations; which are carried out by the tenant and any other person on the site, by the tenant and any other person working on behalf of the tenant and by those for whom the tenant is legally responsible in another part of the building or land. These policies are written on an aggregate basis of a total limit of at least five million dollars ($5,000,000) for bodily injury to one or more persons or property damage, including, but not limited to, the tenant`s legal liability, lump sum contractual clause, gross and salvatory liability, assault, bodily injury and property damage, and higher limits than the lessor, if acting reasonably, from time to time; (a) the above-mentioned lease improvements have been installed; The tenant must complete his first improvements to the premises within six (6) months from the date on which the tenant takes possession of the premises in order to implement his estate improvements. An unused portion of the assistance must not apply to any portion in any form of rent or cash. You need to see the amount of rent to see if you can afford it or not. Also, you should see the duration of the lease.
Of course, you don`t want to bind yourself to a long-term lease like for 5 or 10 years. Hopefully your business will grow faster than you`d expect, which is why you should make sure you opt for the short-term lease with renewal options, as it`s a safer choice.