Storage Lease Agreement

Why is a storage lease agreement important

What to do with all that extra space? You have a garage you don’t use? Or do you own a storage Company? Why not just lease it out! A simple solution to earn some money too!

Renting a storage space, might seem like something very ordinary or basic. But, it is very important to have a Storage Lease Agreement drawn and signed by both parties. It helps get the most important clauses of the lease in writing, for example, rent, due dates, and who’s responsible for what. This way all parties are well protected and are aware of all rules involved.

The Storage Lease Agreement has all the important points. Some of the usual points are mentioned. It will obviously declare both the party’s names. It states the Term of the Agreement; how long the Lessee can use it. They have to clearly mention the Rental Amount agreed upon. The Termination terms should also be agreed and stated; as to how much notice each party should give before such termination. It should be declared for what the space has been let out and that no illegal or hazardous items should be stored in the space. The lessee should state that he/she will not create any nuisance to surrounding areas or neighbors. Also the lessee is usually responsible for the Insurance of his items. Depending on the parties, there might be some extra clauses included.

Seeing the significance of this agreement, it would be prudent to draw this and avoid any disputes in future.

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