Oklahoma Commercial Lease Agreement

Security Deposit Limits and Handling

• The Oklahoma Commercial Lease Agreement has no restrictions on the amount a commercial Lessor may require as a security deposit.

• Oklahoma doesn’t prescribe regulations or requirements for returning security deposits to the Lessee in commercial leases.

• The Lessor must deposit the security deposit into an escrow account maintained by the state.

• Oklahoma doesn’t mandate that commercial Lessors hold security deposits in interest-bearing accounts or make interest payments to commercial Lessees on their security deposits.

Right of Entry for Inspections and Repairs

• The Lessee shall reasonably grant consent to the Lessor, including their agents and employees, for entry into the commercial premises. Such purposes for entry may include the inspection of the premises, the execution of necessary repairs, alterations, improvements, or the exhibition to contractors, workers, etc.

• Oklahoma commercial legislation prohibits the Lessor from misusing the granted access or employing it to cause harassment to the Lessee. Unless the circumstances amount to an emergency or make providing notice impractical, the Lessor must furnish the Lessee with a minimum of one (1) day’s notice before entering the premises, with such entry only taking place during reasonable times.

Environmental Responsibilities

• The Lessor and Lessee recognize their obligations under Federal and state environmental laws, including the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).

• Environmental and tort laws may hold the Lessor liable for the environmental contamination caused by a Lessee.

• To address environmental responsibilities, the Oklahoma Commercial Lease Agreement should contain provisions as follows:

• Lessee reimburses Lessor for cleanup costs resulting from Lessee’s activities.

• Lessee complies with hazardous substance management standards and conducts necessary cleanup.

• Lessee promptly informs Lessor of environmental agency communications and grants access for inspections.

• At lease end, Lessee ensures premises are free from environmental contamination.

• Lessee maintains insurance coverage for environmental risks related to the leased premises.

Notice Requirements

• For fixed-term, year-to-year tenancy, either the Lessee or the Lessor can terminate with at least three (3) months’ written notice before the end of the annual term.

• For rent non-payment, if the Lessee has unpaid rent exceeding three (3) months, the Lessor must give a 10-day written notice.

• The Lessor must give a five (5) day written notice for unpaid rent under (3) three months.

• No notice is required in specific cases:

• No notice is necessary if the written agreement specifies an end date.

• The Lessor doesn’t need to provide notice if the Lessee breaches terms that caused property damage.

Disclosures

• Under Oklahoma law, the Lessor is legally obligated to provide specific disclosures to the Lessee who intends to lease the property. These disclosures comprise:

• Any occurrence of flooding on the property within the last five (5) years.

• The identification of individuals authorized to act on behalf of the Lessor concerning the property.

• Lead-based paint in the dwelling or apartment is particularly relevant for properties constructed before 1978.