What do commercial landlords need?

September 24, 2018

 

Often the value of a commercial lease is determined as much by the terms of the lease itself as the due diligence done by the landlord or its counsel before the signing of the lease.

 

To help ensure the performance of a commercial tenant through the term of a lease, the landlord or its counsel should obtain all of the following items before the signing of the lease:

  • Security deposit and as much advance rent as possible

  • Financial records/tax returns for the corporate tenant and guarantor

  • Credit check for the corporate tenant and guarantor

  • Personal guaranty of the principal of the tenant

  • Copy of driver’s license of guarantor

  • Tenant’s insurance policy covering damage to property - - not just declarations page

  • Contractor’s insurance policy covering damage to property - - not just declarations page

For more information on protecting you or your business, please feel free to contact The Bachman Law Firm at 845-639-3210 or at judith@thebachmanlawfirm.com

 

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