There are rights you have as a corporate tenant. Knowing these rights will help you in conducting your business properly. This is because the success or failure of your business may depend on certain terms in your commercial lease. Here are five essential rights you have and must exercise to fully enjoy your commercial lease.
1. Right To Eviction Notice
Landlords could evict corporate tenants who breach their commercial lease. However, as a tenant, you have the right to be noticed in sufficient time before your lease is terminated. This time allows you to look for another place to relocate to. As a tenant, it is essential that you know this right, so that a failure to pay your rent in time do not leave you in a fearful position of losing your space overnight.
2. Permitted Use
Before you sign your lease, you should check the outline of the permitted use of the premises. Some commercial real estate leases do not allow you to perform all the activities that your business requires, and may need you to have a separate location for these aspects of your business.
Knowing what is on your permitted use will allow you to have the freedom to operate certain aspects of your business that are legally allowed in the lease without being bothered by complaints or fear of complaints.
3. Options to Renew
Many lease agreements allow you the option to renew. This means that you can renew your space when the current one has expired without the fear of being thrown out for another tenant who wants to pay a higher rent. Most of these renewal options require that you meet certain requirements or follow certain procedures.
Again, it is essential that you know your right as regards activating this option, so you are not thrown out of your space. Typically, a commercial lease renewal option requires that you inform your landlord with advance notice of your intent to activate your renewal. Failure to do so may result in you losing your right to remain in your space.
4. Sublet Assignment
When you get a commercial space, you may discover that you have a space that is larger than your needs. Most landlords understand that businesses may often need to find creative ways to generate revenue which may include subletting a space. Hence, it is essential that you obtain the right to sublet your office space to another tenant before you do so. This right is common, especially in a commercial lease.
5. Right to Health and Safety
As a corporate tenant, you have the right to demand a habitable space and environment. Hence, it is within your right to ask the landlord to repair or eradicate any condition that may affect the health and safety of your clients and employees.
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