This Alaska Commercial Agreement Template is a legal binding contract between the landlord and the tenant solidifying an agreement for space where a business is to be conducted. The landlord and the tenant should understand the laid out terms and uphold their responsibilities as per the agreement.
The Alaska Commercial Agreement Form entails the landlord to provide space for a specified period, and the amount and the tenant is responsible for making sure the payments are made as required. The agreement should observe follow the State laws as stated in Title 45, Chapter 12 for it to be effective.
Steps to Fill the Alaska Commercial Lease Agreement
- The date the lease is signed as well as the name, street address and state of the lessor and similar information for the lessee.
- Description of the leased premises in terms of square feet, type of space and physical address. Additional information on the same can be added.
- Description of the intended use of the leased premises.
- Term of lease defining the duration of the tenancy from the commencing date to the expiry date of the lease.
- The base rent indicating the amount of net monthly payment and then monthly installment to be paid on an agreed date.
- The option to renew which indicates if the lessee can renew or not. In case of a renewal, there should be an indication of renewal periods. The rent increase or not increased option should be filled, and in case of an increase, a percentage should be indicated as well as the amount.
- The Expense section has Gross, modified gross and triple net which should be filed by both the landlord and tenant with their initials. The insurance section indicates the amount of money for coverage in case of injury, death or property damage.
- The security amount to be paid.
- A description of any improvements to be made by the tenant on the premises.
- The next section is on the requirements pertaining to licenses and permits, obligations of the tenant, insurance, sublease/assignment, damage to leased properties and default and possession. The default and possession indicate the penalty payments for delayed payments within a given time. A description of the late fees amounts to be paid as well as the interest rate per annum until the rent is fully paid.
- The next sections have information on the indemnification, bankruptcy, subordination, and attornment as well as miscellaneous terms. There is also holdover, estoppels certificate, waiver, amendments, and the governing laws.
- Information of the lessor and the lessee regarding where notices and payments shall be addressed.
- The date of sealing the agreement with the name and signatures of the lessor and the lessee.
- Acknowledgment of the notary public is filed and signed by the attending notary.
The Alaska commercial lease agreement is an important document that highlights what is entailed of the landlord and the tenant following the state laws. It also serves as a way of understanding the obligations for both parties.