A Virginia commercial lease agreement makes way for a tenancy in which a landlord of non-residential property permits a renter to utilize the space for business-related operations. The tenant typically pays a monthly sum, dolled out in monthly installments, for rental costs and other relevant expenses in exchange for the commercial space. Landlords enter the contract directly with the tenant, and, in some cases, the landlord may request a third-party guarantor who shall assume liabilities if the tenant were to fail to meet financial obligations. In that case, a personal guarantee can be attached to the lease. All parties must sign and execute the lease upon negotiating rental terms. After effecting the agreement, the tenant must obtain applicable permits to conduct business in the premises under state and local laws.
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