A Minnesota Commercial Lease Agreement is a contract between a business and a owner of commercial property. It’s the first step into launching a business to entrepreneurial success. It differs from a residential lease in that it endures much more negotiation and less basic provisions.
The most important thing about a commercial lease is the terms. The following are the three most common commercial lease types in the industry:
- Net Leases – Tenant pays the base rent including some or all of the following: Insurance, taxes, and maintenance.
- Gross Leases – The tenant usually pays a little more, in one lump sum, and the landlord pays all the expenses including utilities.
- Percentage Leases – As well as paying the base rent, the tenant will also pay the percentage (%) of the monthly sales.