A Rhode Island commercial lease agreement is a binding contract to lease retail, office, or industrial space to a tenant. The agreement sets the responsibilities and rights for both landlords and tenants, as well as details about rent, deadlines, penalties, and other items.
The Rhode Island law that governs commercial leases is Rhode Island General Laws, Title 34, Chapter 34-18.1. These types of leases are longer and more complicated than a residential lease, so consulting with a lawyer is advisable.
Writing Rhode Island Commercial Lease Agreements
A Rhode Island 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
- Description of the property
- Authorized use of the property
- Type of lease (gross, modified-gross, or triple-net)
- Term of the lease and the start date
- Option to renew the lease (if any)
- Penalty for late or non-payment of rent
- Designation of the responsible parties for certain expenses and utilities
- Security deposit and refund policy
- 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
