South Dakota Commercial Lease Agreement
A South Dakota commercial lease agreement is a legal contract between a landlord and a business tenant for leasing commercial property. This agreement provides businesses with the opportunity to maintain operational flexibility and retain capital. Essential components of the lease should include the obligations and rights of both parties, the duration of the lease relationship, and the rental amount.
South Dakota Commercial Lease Agreement
Business Entity Verification
Landlords have the option to conduct business entity verification in addition to credit checks before finalizing the lease agreement. This process helps ensure the credibility and reliability of the business tenant.
Rental Laws
The governing laws for commercial leases in South Dakota are outlined in the South Dakota Uniform Commercial Code, specifically Title 57A, Chapter 2A.
Consumer Protection Laws
Consumer protection in the context of commercial leases is addressed in SD Codified Laws § 57A-2A-104. This law provides guidelines to protect the interests of consumers involved in commercial leasing.
Jurisdiction
According to SD Codified Laws § 57A-2A-106, any law selected in a lease agreement is not enforceable if it originates from a jurisdiction different from where the lessee resides. This ensures that the lease adheres to local legal standards.
Commercial Security Deposits
The lessor is required to return a security deposit for a commercial property within 60 days after the tenancy ends. The landlord may withhold the entire deposit or a portion of it only to cover damages to the property or to recover the tenant’s defaulted payments, as specified in SD Codified Laws § 43-32-24.1.
Statutes
- S.D. Codified Laws Ann. §§ 43-32-6.1 – Maximum security deposit for residential premises-Larger deposit by mutual agreement
- S.D. Codified Laws Ann. §§ 43-32-24 – Return of security deposit after termination of tenancy-Withholding-Itemized accounting-Forfeiture of withholding rights-Punitive damages
- S.D. Codified Laws Ann. §§ 43-32-12 – Time for payment of rent-Agricultural and wildland-Lodging-Termination of hiring
- S.D. Codified Laws Ann. §§ 43-32-13 – Modification of lease-Written notice by landlord, effect-Termination by tenant
- S.D. Codified Laws Ann. §§ 57A-3-421 – Collection costs and expenses-Liability of issuer of dishonored check
- S.D. Codified Laws Ann. §§ 43-32-9 – Failure of lessor to repair premises-Lessee’s remedies
- S.D. Codified Laws Ann. §§ 43-32-22(1) – Termination of lease-Agreed term-Mutual consent-Acquisition of superior title by tenant
- S.D. Codified Laws Ann. §§ 43-32-5 – Lease of real property for more than one year-Written contract necessary
- S.D. Codified Laws Ann. §§ 43-32-13 – Modification of lease-Written notice by landlord, effect-Termination by tenant
- S.D. Codified Laws Ann. §§ 43-32-15 – Renewal of hiring of real property presumed unless notice given of termination
- S.D. Codified Laws Ann. §§ 21-16-1(7) – Grounds for maintenance of action
- S.D. Codified Laws Ann. §§ 21-16-1(4) – Notice of Termination for Nonpayment
- S.D. Codified Laws Ann. §§ 43-32-18 – Termination of lease by landlord before end of agreed term-Use of premises by tenant contrary to agreement-Neglect of tenant to make repairs
- S.D. Codified Laws Ann. §§ 43-32-32 – Reasonable notice of landlord’s intent to enter-Contents
- S.D. Codified Laws Ann. §§ 43-32-8 – Residential lessor to keep premises in repair-Disrepair caused by lessee-Agreements for repairs in lieu of rent-Liability to third persons unaffected
- S.D. Codified Laws Ann. §§ 43-32-10 – Preservation of premises by lessee
- S.D. Codified Laws Ann. §§ 43-32-27 – Cause of action against lessor for retaliatory conduct
- S.D. Codified Laws Ann. §§ 43-32-28 – Retaliatory conduct-Remedies-Attorney’s fees
- S.D. Codified Laws Ann. §§ 43-32-30 – Disclosure of knowledge of existence of prior manufacturing of methamphetamines
- S.D. Codified Laws Ann. §§ 43-32-25 – Small amount of tenant’s property left on premises presumed abandoned-Disposal by lessor
- S.D. Codified Laws Ann. §§ 43-32-26 – Storage of tenant’s valuable property left on premises-Lien-Disposal as abandoned after waiting period
- S.D. Codified Laws Ann. § 16-12C-13 – Jurisdiction-Noncontested proceedings with limited damage amount
- S.D. Codified Laws Ann. § 21-16-3 – Jurisdiction of courts
- S.D. Codified Laws Ann. §§ 15-2-13(1) – Contract obligation or liability-Statutory liability-Trespass-Personal property-Injury to noncontract rights-Fraud-Setting aside corporate instrument
FAQs
A South Dakota commercial lease agreement is a legal contract between a landlord and a business tenant for leasing commercial property. It outlines the obligations and rights of both parties, the duration of the lease, and the rental amount, providing businesses with operational flexibility and capital retention.
In South Dakota, a lessor must return a security deposit for a commercial property within 60 days after the tenancy ends. They can only withhold all or part of the deposit to cover damages or recover any defaulted payments from the tenant, as specified in SD Codified Laws § 43-32-24.1.
Landlords in South Dakota can conduct a business entity verification as part of their due diligence before finalizing a commercial lease agreement. This process often complements credit checks to ensure the tenant’s business is legitimate and financially stable.
Commercial leases in South Dakota are governed by Title 57A, Chapter 2A of the South Dakota Uniform Commercial Code. Additionally, consumer protection laws, such as SD Codified Laws § 57A-2A-104, may also apply.
According to SD Codified Laws § 57A-2A-106, a lease agreement that specifies a jurisdiction different from where the lessee lives is not enforceable. This ensures that the legal framework applicable to the lease aligns with the tenant’s location.
You can download a South Dakota commercial lease agreement in either PDF or MS Word format. This allows you to choose the format that best suits your needs for editing or printing.