The Rhode Island commercial lease agreement is a legally binding document whereby a tenant rents the landlord’s property for business purposes. In most cases, the initial term of the lease will be for three (3) to five (5) years to allow the tenant’s business time to grow. Utilities will either be paid by the landlord or tenant exclusively (a “gross” or “triple-net (NNN)” agreement) or split between both parties (“mixed gross”). The tenant can request that a renewal option be included in the contract that allows them to continue their tenancy after the end of the first rental term. Without a renewal clause, the tenant runs the risk of having their lease terminated against their wishes.
Lease Application – This form can be used by landlords to obtain information regarding a potential tenant’s financial and rental history.