A Kentucky commercial lease agreement is a binding contract for a tenant to lease retail, office, or industrial space. The agreement sets the responsibilities and rights for both landlords and tenants, as well as details about rent, deadlines, penalties, and other items.
The Kentucky law that governs commercial leases is Kentucky Code Section 355.21, Part 1. These types of leases are longer and more complicated than a residential lease, so consulting with a lawyer is advisable.
Writing Kentucky Commercial Lease Agreements
A Kentucky commercial lease agreement should generally contain the following:
- Landlord’s name and contact information
- Property manager’s name and contact information (if any)
- Tenant’s name and contact information
- Property description
- Authorized uses of the property
- Type of lease (gross, modified-gross, or triple-net)
- Term of the lease and the commencement date
- Option to renew the lease (if any)
- Rent
- Penalty for late/non-payment of rent (including eviction process)
- Designation of the responsible parties for certain expenses and utilities
- Security deposit and refund policy
- Leasehold improvements allowed by the landlord
- Additional terms as needed (including municipal codes and restrictions)
- Landlord and tenant contact information and form for legal service
- Place for the notarized signatures of all parties
- Miscellaneous terms specific to the lease
