A New Mexico commercial lease agreement is a contract for a tenant to lease office, retail, or industrial space. The agreement sets the duties and rights for both landlords and tenants, as well as details about rent, penalties, deadlines, and other items.
The New Mexico law that governs commercial leases is New Mexico Statutes Chapter 55, Article 2A. These types of leases are longer and more complicated than residential leases, so consulting with a lawyer is advisable.
Writing New Mexico Commercial Lease Agreements
A New Mexico commercial lease agreement should generally contain the following:
- Landlord’s name and contact information
- Property manager’s name and contact information
- Tenant’s name and contact information
- Description of the lease property
- Authorized use of the lease 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 amount, late fees, and nonpayment penalties
- Designation of the responsible parties for certain expenses and utilities
- Security deposit and refund policy
- Permissible leasehold improvements allowed by the landlord
- Landlord and tenant contact information and form for legal service
- Place for the signatures of all parties
- Miscellaneous terms specific to the lease
