The Legal and Regulatory Environment of Business
April 10, 2014
This is a very impeccable contract, it has ensured that the rights of both the landlord and the tenant. The contract start from the basic information of tenant, then they talk about the length of the rent, use of the area, rentals and deposit. Next, they talk about proportionate share, common area, facilities and public utilities. Therefore, they have talk about the detail in rentals, such as taxes, insurances, additional rents, and repair fees. Then they talk about the duty of tenant and the rights of landlords, also when the damage to premises and events of default happened, what the right of landlord. The goal of the contract is to make both the landlord and tenant get what they want, and make each other do not do what they don’t want.
The landlord has five rights. First is in the reasonable time, they have rights to make repairs, alterations and addition to the building. The second right is can display “for rent”, either landlord or tenant determines the contact, or at any time within six months prior to the expiration of contract. The third right is to collect all rents, include the additional rents and some other charges; the tenant has responsibility to pay all before the due day. The fourth right is that landlord can relocate the tenant to different location in the shopping center. Then if the shopping center is redeveloped, the landlord will provide no less than 12 month to tenant for determine the contract.
The first duty of tenant is responsible for payment, such as state or federal taxes, expect repair fees, all the payment which under the premise is the tenant’s responsibility. Second duty is to follow the reasonable rules that regulated by the landlord, and the rules are all shows in the contract. And the tenant should agree to perform all the agreements that write on the contract. The third duty is to follow all the requirement of federal and states law, regulation and ordinances, and follow the rule of the shopping center where the premise located.
For both tenant and landlord’s duty, they cannot be changed after sign the contract. Both sides need to follow the contract till the expired day. If one side has do something against the contract, the other side has right to sue him.
The landlord will charge of all premiums for fire, flood, windstorms, terrorism, extended coverage, and liability casualty insurance upon the Shopping Center. When fire or any other artificial casualty damages the premise, the tenant should write a notice thereof to landlord immediately. And the landlord…