New Mexico Commercial Lease Agreement (2026)

Lease retail, office or industrial space: gross, modified gross or triple-net with pro-rata pass-throughs, rent escalation, renewal options, TI allowance, insurance, default and holdover terms, plus your state's deposit rule, statutory disclosures, landlord's lien, cure periods, rent taxes and signing formalities.

Updated September 11, 2026≈ 14 minReviewed against N.M. Stat. § 48-3-5 · N.M. Stat. § 7-9-4

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What you'll get

Sample first page of the Commercial Lease Agreement. Your answers fill in the blanks; the clauses required in New Mexico are added automatically.

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What this document covers

Landlord, tenant and optional personal guarantor
Retail, office or industrial premises with rentable area and pro-rata share
Term, rent commencement and renewal options
Base rent with fixed or CPI escalation
Gross, modified gross or triple-net (NNN) pass-throughs
Security deposit under the state rule
Permitted and exclusive use, hours, ADA compliance
Tenant improvements and maintenance split
Assignment, subletting, insurance and indemnity
Default, remedies, landlord's lien and holdover
SNDA, estoppel, relocation and broker disclosure
State disclosures, exhibits and guaranty

New Mexico rules that this document follows

Commercial security deposit	Varies — No statute — amount and return terms as the lease providesSource: No statute governs security deposits for non-residential leases; N.M. Stat. § 47-8-18 applies to residential tenancies only
Default notice before eviction	Varies — No statutory cure period — the lease's notice and cure terms applySource: No statutory cure period for non-residential leases — the notice and cure periods stated in the lease apply, subject to the eviction procedure in N.M. Stat. § 47-8
Landlord's lien on tenant property	Varies — Statutory landlord's lien on the tenant's property on the premises; may be waived in the leaseSource: N.M. Stat. § 48-3-5
Tax on commercial rent	Varies — State tax on commercial rent — New Mexico gross receipts tax (state rate 4.875% plus local increments, typically 6%–9% total) applies to receipts from leasing commercial real property; the landlord is the taxpayer and leases customarily pass it through to the tenantSource: N.M. Stat. § 7-9-4
Notary / recording for long leases	Varies — No notary or witnesses; acknowledgment only to recordSource: N.M. Stat. § 47-1-1 — leases for more than one year must be in writing
Required lease disclosures	None specific to commercial leasesSource: N.M. Stat. § 47-8-1 et seq. applies to residential only; commercial leases: common law, § 48-3-5

Rules current as of 2026-09-14. Statutes change; verify before relying on them.

How to use this Commercial Lease Agreement in New Mexico

Start with the exact legal names of both entities and decide on a personal guaranty. Enter the rentable area of the premises and the building — that ratio becomes the tenant's share of taxes, insurance and CAM in a modified gross or NNN lease — then set the term, rent commencement, renewal options and escalation. Choose the maintenance split and insurance limits deliberately: they are the clauses that cost money later.

Answer the state-disclosure questions, review the cure periods (pre-filled with New Mexico's statutory figures where they exist) and decide whether to waive the landlord's lien for the tenant's equipment lender. Budget for the rent tax (N.M. Stat. § 7-9-4). Both parties sign with name and title; attach the floor plan, work letter, guaranty and rules.

Frequently asked questions

Is a commercial security deposit regulated in New Mexico?

No — New Mexico has no statute on commercial security deposits (residential rules do not apply), so the amount, use and return are whatever the lease says; this lease sets a 30-day return with an itemized statement.

How much notice must I give a commercial tenant before eviction in New Mexico?

New Mexico has no statutory cure period for commercial leases, so the notice and cure days you enter control (N.M. Stat. § 47-8-1 et seq. applies to residential only; commercial leases: common law, § 48-3-5).

Is there a tax on commercial rent in New Mexico?

Yes. New Mexico gross receipts tax (state rate 4.875% plus local increments, typically 6%–9% total) applies to receipts from leasing commercial real property; the landlord is the taxpayer and leases customarily pass it through to the tenant (N.M. Stat. § 7-9-4). The lease makes it additional rent.

Does a commercial lease need a notary or witnesses in New Mexico?

No — a written lease signed by both parties is valid for any term; a notary is needed only if you record the lease or a memorandum of lease (N.M. Stat. § 47-1-1 — leases for more than one year must be in writing).

What is the difference between a gross and a triple-net (NNN) lease?

In a gross lease the base rent covers taxes, insurance and common-area maintenance, so the landlord bears cost increases. In a triple-net lease the tenant pays its pro-rata share of those three items on top of base rent, reconciled annually against actual costs. Modified gross sits between: the tenant pays only increases over a base year. This lease drafts all three, and in New Mexico the landlord also keeps a statutory lien on the tenant's goods (N.M. Stat. § 48-3-5) unless waived.

Other names

commercial lease
business lease agreement
retail lease
office lease
industrial lease
warehouse lease
triple net lease
NNN lease
gross lease
storefront lease

Other states

FormsByState provides self-help document templates and general information, not legal advice. We are not a law firm. For advice about your situation consult a licensed attorney in your state.