The Puerto Rico Commercial Lease Agreement is a kind of lease used when a for-profit entity wises to rent a property, typically for business or industrial reasons. Note that only a for-profit organization can use this lease, and only for commercial purposes. A nonprofit or charitable organization, for example, could not.
A Commercial Lease will usually require even more careful reading than a Residential Lease, often with lawyers present. It will often run for much longer than the average Residential Lease and may have many clauses unique to the property, such as preferred or acceptable use of the property.
It may also hold the tenant financially responsible for costs other than the rent. A common type of Commercial Lease, for example, is a Triple Net (NNN) lease, where the tenant is responsible for the utilities, upkeep costs and property taxes, in addition to the rent. A less common, but still regularly used type of Commercial Lease is a Gross Lease, where the tenant is only responsible for the rent.
A Commercial Lease in Puerto Rico is governed by both the local lease laws and Puerto Rico’s Commercial Code. Puerto Rico’s lease laws can be found in the Laws of Puerto Rico, Title 10, Chapter 49A. Puerto Rico has adopted the US’s Uniform Commercial Code, so all of the laws governing Commercial Property in Puerto Rico can be found there.