This office lease form states that the Landlord shall not lease or sublease any other space in the building, during the term of the lease or any renewal to any party that can reasonably be deemed a competitor of Tenant.
Michigan Provision Limiting Rights of Landlord to Lease Space in the Building to Tenant Competitors
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US-OL23011
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How to fill out Provision Limiting Rights Of Landlord To Lease Space In The Building To Tenant Competitors?
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FAQ
The Use Clause and Exclusive Clause Some landlords want to limit how you'll use the rented space. The limitations can be as broad as what business you'll conduct there, as narrow as what specific services or products you'll offer, or as nebulous as the quality level of your operation.
Michigan and U.S. fair housing laws say that landlords cannot discriminate against tenants or applicants because of their race, color, religion, sex, familial status (kids under 18), national origin, disability, age, or marital status.
Percentage lease ? The rent is based on a specified percentage of the tenant's sales or profits.
Build -Out: This happens when the space is already finished and may have been previously occupied by another tenant. The landlord may agree to remodel the unit ing to the needs of the tenant.
An exclusive use provision allows a tenant to use its premises for an intended specific use (for example, as a restaurant, clothing store or electronics retailer), and restricts other tenants in the shopping center from using their premises for the same or a similar use.
A break clause in a commercial lease is a contractual provision that allows either the landlord or the tenant to terminate the lease prematurely, usually before the end of the fixed term.
Commercial leases, particularly leases in retail shopping centers, often contain provisions (known as "use exclusives") that prevent the landlord from leasing space in the same mall, center, or area to a business that sells products or services similar to those sold by an existing tenant.
What Types of Commercial Real Estate Clauses Are Typically Included in a Lease? Term. ... Description of Premises Clause. ... Rent Escalation Clause. ... Use Clauses. ... Improvements and Alterations Clause. ... Insurance Clause. ... Renewal Clause.
