Michigan Commercial Lease Agreement | PDF – MS Word
A Michigan commercial lease agreement can be used by landlords seeking to lease a commercial property (retail, office, or industrial space) to a business for a long or fixed period of time. The landlord is highly recommended to demand a credit application for the business to ensure that if it does not make a profit, they have enough assets and funds to cover the rental payments.
There are typically two (3) types of commercial leases;
- Gross Lease – The tenant pays the landlord a specific rent amount per month and the landlord covers any and all utilities and expenses on the premises including electricity, water, HVAC, heat, taxes, insurance, and common area maintenance.
- Modified Gross Lease – The tenant pays rent on a monthly basis and also takes on a proportional share of the other costs associated with the properties.
- Triple Net (NNN) – The tenant pays the landlord a monthly payment along with all utilities and expenses as listed above.
Once the agreement has been initialized and signed, it becomes legal and binding.
Michigan Business Entity Search – Prospective tenants can be searched by the entity name through the Department of Licensing and Regulatory Affairs.