If you`re a property owner looking to rent out a parking space, it`s essential to have a comprehensive lease agreement in place to protect both yourself and your tenant. In this article, we`ll provide a sample parking lease agreement and discuss the key terms that should be included.
Sample Parking Lease Agreement
[Name of landlord], hereafter referred to as “Landlord,” agrees to lease to [Name of tenant], hereafter referred to as “Tenant,” a parking space located at [Address of parking space], hereafter referred to as “Parking Space,” beginning on [Start Date] and ending on [End Date].
Rent: The Tenant agrees to pay the Landlord [Amount of rent] per [Month/Week/Day] for the duration of the lease agreement.
Term: This lease agreement shall begin on [Start Date] and end on [End Date], unless terminated earlier in accordance with the terms of this agreement.
Use of Parking Space: The Tenant may use the Parking Space only for the parking of a single vehicle. The Tenant agrees not to park any recreational vehicles, trailers, or commercial vehicles in the Parking Space. The Tenant may not assign or sublet the Parking Space to any third party without the prior written consent of the Landlord.
Maintenance and Repair: The Tenant agrees to maintain the Parking Space, including keeping it free of debris and trash. The Tenant is responsible for any damages caused to the Parking Space or the Landlord`s property by the Tenant`s vehicles. The Tenant agrees to promptly notify the Landlord of any damage caused to the Parking Space.
Indemnification: The Tenant agrees to indemnify and hold harmless the Landlord from any and all claims, damages, or losses arising out of the Tenant`s use of the Parking Space.
Termination: Either party may terminate this lease agreement with [Number of days] days` notice to the other party. If the Tenant fails to pay rent or otherwise breaches this agreement, the Landlord may terminate the lease agreement immediately without notice.
Governing Law: This lease agreement shall be governed by and construed in accordance with the laws of the State of [State].
Entire Agreement: This lease agreement constitutes the entire agreement between the Landlord and Tenant and supersedes all prior agreements and understandings, whether written or oral.
Signature: Both the Landlord and Tenant agree to sign this lease agreement.
Conclusion
A parking lease agreement is an essential document for property owners who wish to rent out parking spaces. A comprehensive lease agreement protects both the Landlord and Tenant and ensures that both parties understand their rights and obligations. Remember to include key terms such as rent, term, use of the parking space, maintenance and repair, indemnification, termination, governing law, and signature. With a well-drafted parking lease agreement, both the landlord and tenant can have peace of mind, knowing that their interests are protected.