Structure
When embarking on a new business venture in Michigan, understanding the intricacies of a Commercial Lease Agreement is crucial for both landlords and tenants. This essential document outlines the terms and conditions under which a commercial property is rented, ensuring that both parties are on the same page. Key components typically include the duration of the lease, the rental amount, and the responsibilities for maintenance and repairs. Additionally, the agreement often specifies the permitted use of the property, which is vital for ensuring that the space aligns with the tenant's business needs. Security deposits, renewal options, and termination clauses are also common elements that provide clarity and protection for both sides. By familiarizing yourself with these aspects, you can navigate the leasing process more confidently, paving the way for a successful business operation in Michigan.
Form Example
Michigan Commercial Lease Agreement Template
This Commercial Lease Agreement ("Agreement") is entered into on this ______ day of ____________, 20__, by and between ________________ ("Landlord") and _________________ ("Tenant"). The premises to be leased are described as follows (the "Premises"): ______________________________________, located in the State of Michigan, subject to the terms and conditions set forth below and in accordance with the Michigan Compiled Laws.
Article 1: Lease Term
The lease term shall commence on ________________, 20__, and shall terminate on ________________, 20__, unless sooner terminated according to the provisions herein or extended or renewed according to the mutual agreement of the parties involved.
Article 2: Rent
Rent shall be payable at the rate of $________ per month, due and payable by the Tenant to the Landlord on the first day of each month during the term of this lease. The first month's rent shall be due upon the execution of this Agreement.
Article 3: Security Deposit
A security deposit of $_________ shall be paid by Tenant to Landlord upon execution of this Agreement. The security deposit will be held by the Landlord as security for the performance of the Tenant’s obligations under this lease. It may be applied by Landlord to remedy Tenant defaults in payment of rent, repair damages to the Premises caused by Tenant, or for any other obligation Tenant fails to perform under this Agreement. If not applied by Landlord, the security deposit, or any balance thereof, shall be returned to Tenant upon termination of the lease.
Article 4: Use of Premises
The Premises shall be used and occupied solely for ________________________, and no part of the Premises shall be used at any time during the term of this lease by Tenant for any other purpose without prior written consent of the Landlord.
Article 5: Maintenance, Repairs, and Alterations
The Tenant shall, at Tenant’s own expense, keep and maintain the Premises and appurtenances in good and sanitary condition and repair during the term of this lease and any renewal thereof. Without the prior written consent of the Landlord, no alterations, additions, or improvements shall be made by the Tenant to the Premises.
Article 6: Insurance
The Tenant agrees to maintain, at Tenant’s expense, a comprehensive general liability insurance policy covering the Premises for the entire lease term, naming the Landlord as an additional insured party. Proof of such insurance shall be delivered to the Landlord upon execution of this Agreement and upon renewal of the policy.
Article 7: Governing Law
This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Michigan. Any legal actions related to this Agreement shall be brought in the appropriate court within the State of Michigan.
IN WITNESS WHEREOF
, the parties hereto have executed this Agreement on the day and year first above written.Landlord: ___________________________________
Tenant: _____________________________________
Document Properties
| Fact Name | Description |
|---|---|
| Purpose | The Michigan Commercial Lease Agreement is used for leasing commercial property between landlords and tenants. |
| Governing Law | This agreement is governed by Michigan state laws, specifically the Michigan Uniform Commercial Code. |
| Parties Involved | The lease identifies the lessor (landlord) and lessee (tenant), outlining their rights and responsibilities. |
| Lease Duration | The agreement specifies the length of the lease, which can vary from months to years. |
| Rent Payment Terms | It details the amount of rent, payment frequency, and acceptable payment methods. |
| Security Deposit | A security deposit may be required, and the agreement outlines the conditions for its return. |
| Use of Premises | The lease specifies how the tenant can use the property, including any restrictions. |
| Maintenance Responsibilities | It outlines who is responsible for maintenance and repairs of the property. |
| Termination Conditions | The agreement states the conditions under which either party can terminate the lease. |
| Dispute Resolution | It may include provisions for resolving disputes, such as mediation or arbitration. |
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