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Definition. Agreement between a landlord and a business outlining terms and conditions of property rental. A commercial lease is specific to renters using the property for business or other commercial purposes versus residential use. commercial lease is specific to renters using the property for business or other commercial purposes versus residential use.
As a tenant, you must comply with the terms of its commercial lease. A commercial lease is a document that sets out the rights and obligations of the owner of a commercial property (known as the landlord or lessor) and yourself; a third party that has agreed to occupy the property (known as the tenant or lessee).