Establishing A Business Lease In Indiana

in Lease

Selecting the right location, building and being able to lease the building in favorable terms is a difficult task, one that any business owner will spend a lot of time and energy in making sure nothing goes wrong. Lessees often prefer long-term leases for commercial use as it will help establish their business and once the business is established they prefer not to move to another address.
Establishing a business lease in Indiana, being a lengthy process requires the guidance of an experienced attorney to help the tenant understand the terms better as well as to be able to negotiate a better deal with the lessor.

Things to Consider While Establishing a Business Lease in Indiana:
 The type of lease, if it is a gross, percentage, graduated or a net lease

 The duration of the lease and the renewal option available

 The rent charged should be fair market value and not over priced.

 The security deposit and the conditions in which it may be forfeited.

 The rate at which the rent will be increased and the rent on renewal of the lease should be decided.

 The condition of the building inspected by both parties, documented and signed.

 The insurance coverage provided by the lessor. It is better that both lessee and lessor have general liability insurance.

 The property tax has to be paid by both for their personal property in the premises.

 The tenant has to pay for the utilities as well as for any damage or repair caused by him.

 The tenant has to get permission from the landlord before doing any alteration to the building as well as follow any building rules regarding parking and common area usage too.

 The lessor has the right to enter the building for inspections or to carry out repairs as desired by him.

 If the tenant fails to pay the rent, he is given 10 days notice before a notice of default is served to him.

 The period of notice given for terminating the lease by either party has to comply with the State laws.

 They have to discuss what will happen to the security deposit in case the lessor sells the land to a third party but the lease remains in tact no matter if the property is sold.

 The lessor has the right to double the rent incase the lessee hold over the premise without permission.

 The lessee has to make sure he can sublease the premise incase of a merger with another company or he is bought by another company.

These are a few factors to be considered while establishing a business lease in Indiana.
There are firms that offer their services as well as products to help people run a successful business.

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Establishing A Business Lease In Indiana

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This article was published on 2010/04/22