PEI Mutual Cancellation of Commercial Lease

PEI commercial landlords, rent out office or other business premises to a tenant with this Commercial Triple Net Lease Agreement for Prince Edward Island.

• This lease is a triple net lease carefree to the landlord, which means that the tenant pays for everything to do with the premises including structural repairs.
• The tenant has an option to renew the lease for an additional term.
• The tenant will pay all expenses, taxes, levies, and charges with respect to the premises, except for the landlord's income taxes.
• The tenant is responsible for carrying fire and extended coverage insurance.
• The tenant is responsible for all alterations, improvements, maintenance and repairs.
• Clauses outlining abatement of rent or termination of the lease in the event of damage, destruction, or condemnation of the building.
• The tenant accepts the lease subordinate to any mortgage or other lien.
• The tenant must provide an estoppel certificate on request by the landlord.

Prepare an Offer to Lease a commercial premises (business, retail, office or warehouse) with this easy-to-use template for Prince Edward Island.

Scope of Offer

Once accepted, the Offer will become legally binding. The resulting lease will be a completely net and carefree lease to the landlord.

Tenant Obligations

• The tenant will pay utilities, and a proportionate share of taxes and operating costs as additional rent.
• The tenant will also be responsible for all repairs (other than structural repairs), and carrying public liability insurance.

Leasehold Improvements

The landlord will pay the tenant an improvement allowance for leasehold improvements. The template includes a Schedule describing Landlord's Work and Tenant's Work.

Format and Jurisdiction

This is a fully customizable legal form template available in MS Word format. It is intended to be used only in the Province of Prince Edward Island, Canada.