New Mexico Commercial Lease Agreement

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The New Mexico Commercial Lease Agreement is an agreement for a for-profit business to rent a property for commercial purposes. Non-profit or charitable cannot use this lease to occupy commercial property.

In broad terms a commercial lease will allow the tenant to operate businesses out of the property, such as stores or industrial manufacturing. On occasion, a commercial lease can be used to lease out a large residential building, so the lessee can lease out each individual property to different tenants.

Most commercial lease agreements use a triple net lease, in which the tenant is responsible for all property taxes, building insurance or cost of repairs accrued during the terms of the lease. Because the tenant is responsible for those costs, the cost of rent is typically lower than it would be under a single net or double net lease.