This form is for the lease of commercial property. The lessor and lessee will indemnify and save harmless the other from any and all losses, fines, suits, damages, expenses, claims, demands and actions of any kind resulting from their negligence, breach, or violation or non-performance of any condition of the contract.
Commercial Lease Agreement Application With Option To Buy In Michigan
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US-00449
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FAQ
No. Michigan Lease Agreements do not need to be notarized. The Rental Contract is legally binding as long as it's signed by both the Landlord, or the lessor, and the Tenant, or the lessee.
Landlords in Michigan have specific circumstances under which they can break a lease. If a tenant is not paying rent or is repeatedly late, a landlord can terminate the lease. Illegal activities on the property, such as drug use or distribution, can also be grounds for breaking a lease.
Under Senate Bills 205, 206 and 207, landlords cannot deny a renter housing based on their source of income including Section 8 housing choice vouchers, public assistance, veterans' benefits, Social Security, supplemental security income or other retirement programs.
There are many reasons why a Landlord and Tenant may choose to include an “option” in a commercial lease. The most common type of option is one that gives the Tenant the right to extend the lease term, usually for additional — sometimes two or more — terms of equal length to the original term.
Gross Lease: In gross leases, the landlord will be responsible for paying all of the expenses surrounding the property, including property taxes, area expenses, and insurance. On the other hand, the tenant will only be responsible for paying monthly rent.
Conclusion. A commercial tenant's responsibilities extend well beyond paying rent. Tenants must adhere to lease terms, maintain their premises, comply with health and safety rules, carry appropriate insurance, and respect building management rules.
An option clause is a term in a commercial lease that allows a tenant to renew their lease at the end of the original lease period, if they meet certain conditions. Landlords are not obliged to offer a renewal option.
Tenants in Michigan should provide their landlords with written notice if they want to break a lease for any reason. Here's an overview of the applicable lease terms: Weekly Lease - Seven days of notice. Monthly Lease - 30 days of notice.
An option clause is a term in a commercial or retail lease, permitting a tenant to renew their lease at the end of the initial lease period.
For example, a tenant and landlord may agree to a five-year lease with a five-year option to renew. At the end of the first five years, the tenant is given the chance to continue the lease for another five years. If you think you may renew, be sure to bring up extension provisions with your landlord.