Review Commercial Lease in New Jersey for Food & Beverage Business
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What are the notice requirements for terminating the lease?
I am a business owner who recently signed a commercial lease for a property. I am looking to terminate the lease but am unsure of the notice requirements I must adhere to in order to do so. I would like to know what the notice requirements are for terminating the lease so that I can ensure I do not breach the terms of the lease.
Answered Mar 3, 2021
The notice requirements for terminating a commercial lease in Maryland are going to vary depending on the specific terms of your lease agreement. Please read and refer to your lease.
If your lease is month to month, then it's likely you'll have to provide at least 30 days notice. If your lease is for a longer term (6 to 12 months), it's likely you'll have to provide at least 90 days notice, and may need to pay damages for breach of the lease agreement.
How is the rent determined in a commercial lease agreement?
I am a small business owner looking to rent a space for my business. I am currently in negotiations with the landlord of a commercial property and we are discussing the terms of the lease agreement. We have reached a point where we need to discuss the rent and how it will be determined. I need to understand more about how rent is determined in commercial leases so that I can negotiate a fair and reasonable agreement.
Answered Mar 3, 2021
In North Carolina, commercial rent is commonly calculated as a set dollar amount per square foot. This dollar amount is usually based on factors like location, age, condition, accessibility, and amenities.
However, there is no requirement for rent to be determined this way. Unlike a residential lease agreement, the terms of a commercial lease agreement can be almost anything that the parties mutually agree to.
As a word of caution, in North Carolina, commercial tenants do not have the same degree of legal protections as residential tenants. For just one example, a tenant who wishes to terminate a commercial lease early may be responsible for the entire remainder of the rent unless the lease agreement says otherwise.