The by-law specifies what is considered a „specified business“ as of January 1, 2013, namely: COUNCIL: Have the premises inspected independently before entering into the lease. A status report, including photos, should be accepted by you and the owner. This report can be useful if, at the end of the lease, there is a dispute about the inventory or equipment and if this was caused by appropriate wear and tear. The periodic lease, on the other hand, does not have a specific end date for the lease and the tenant can extend it. You must issue a lease renewal notice as specified in the lease, and each party has the right to issue a lease termination. The terms of the lease may change and the rent may be increased for the duration of the lease extension. To exercise this legal option, a tenant must complete a notice of exercise of the option and notify the landlord at least 30 days before the end of the lease. It`s a good idea to include a „market exclusivity“ clause in your lease. This prohibits direct competition and gives you the exclusive right to sell a particular category of products or do such business in the store business controlled by the same owner.
The lease must also stipulate that you must have access to invoices and receipts to confirm actual operating costs. TIP: Before you sign a rental agreement or documents related to the rental, take possession of premises or pay money, you should obtain independent legal, financial and business advice. Authorized use may also limit your ability to assign the lease to another person if you wish to sell the business or leave the premises before the lease expires. You should try to negotiate an authorized use broad enough to protect your future business interests. You may need to purchase insurance as the duration of the rental agreement to cover things such as damage to the building and public liability. You should avoid any indemnification clause in a rental agreement that requires you to indemnify the lessor in the event of loss, wrongful act or damage. If you assign a lease or sublease, you may have to pay the landlord`s reasonable legal fees and other related costs. During the term of this Rental Agreement, the Tenant has non-exclusive use of the non-reserved shared parking spaces, walkways and walkways with the Owner, the other tenants of the Building, their guests and guests, subject to the rules and regulations for their use as prescribed from time to time by the Owner….