A South Dakota commercial lease agreement is a binding contract to lease retail, office, or industrial space to a tenant. The agreement defines the responsibilities and rights for both tenants and landlords, as well as details about rent, deadlines, penalties, and other items.
The South Dakota law that oversees commercial leases is South Dakota Codified Law Chapter 43-32. These types of leases are typically longer and more complex than a residential lease, so consulting with a lawyer is advisable.
Writing South Dakota Commercial Lease Agreements
An Alabama commercial lease agreement should generally contain the following:
- Landlord’s contact information
- Property manager’s contact information (if any)
- Tenant’s 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)
- Rent amount
- Penalty for late or 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
- Landlord and tenant contact information and form for legal service
- Place for the signatures of all parties
- Miscellaneous terms specific to the lease
