A North Carolina commercial lease agreement is a contract for a tenant to rent retail, industrial, or office space. The contract sets the responsibilities and rights for both landlords and tenants, as well as details about rent, deadlines, penalties, and other items.
The North Carolina law that governs commercial leases is North Carolina Uniform Commercial Code Chapter 25, Article 2A. These types of leases are longer and more complicated than a residential lease, so consulting with a lawyer is advisable.
Writing North Carolina Commercial Lease Agreements
A North Carolina commercial lease agreement should generally contain the following:
- Landlord’s name and contact information
- Tenant’s name and contact information
- Description of the property
- Authorized use of the property
- Term of the lease and the commencement date
- Option to renew the lease (if any)
- Rent and landlord’s profit participation in operations (if any)
- 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
- Permissible leasehold improvements allowed by the landlord
- Place for the signatures of all parties
- Miscellaneous terms specific to the lease
