In landlord-tenant law, default usually refers to the failure of a tenant to timely pay rent due. In anticipation of such an occurence, landlords commonly require a new tenant to pay a security deposit, which may be used to remedy defaults in payment of rent and other monetary obligations under the rental agreement. In general, the landlord is required to give the tenant notice of the default before bringing eviction proceedings or applying security deposit proceeds to the payment in default. The fixing of a definite default date for payment of rent can be critical if it becomes necessary to evict a tenant for a default in the payment of rent. Landlords often require a background and/or reference check on prospective tenants in an attempt to minimize defaults in rent payments.
Massachusetts Warning of Default on Commercial Lease
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How to fill out Massachusetts Warning Of Default On Commercial Lease?
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FAQ
The Parties & Personal Guarantees. Lease Term & Renewals. Rent Payments and Expenses. Business Protection Clauses.
A typical commercial lease is a 5 and 5, meaning a 5 year lease, with an option to renew for another 5 years. Options usually must be exercised by writing a letter to the landlord some months before the initial lease term expires, expressly exercising the option.
The Gross Lease. The gross lease tends to favor the tenant. The Net Lease. The net lease, however, tends to favor the landlord. The Modified Gross Lease.
Commercial leasing concerns the use of space to produce or sell products or services. Commercial leases typically outline the specific types of business operations that may be conducted on the premises. Conversely, residential leases often prohibit the use of the property for any type of commercial activities.
Specifically, the tenant pays the base rent, property but also taxes, insurance, utilities, and maintenance. This even includes standard property repairs associated with the commercial space being occupied.
