A Mississippi Commercial Lease Agreement is the most common form of a non-residential lease, designed for a corporate or other for-proft entity to rent a property for commercial reasons. A non-profit, political or charitable organization could not use this type of lease, as they would not be renting the property for commercial reasons.
A Commercial Lease is typically much more complicated and difficult to understand than a Residential Lease, as it is freed from the requirement to contain easy to read and understand language. They can also contain clauses pertaining to the permitted use of the property, or can even be affected by the leases for the surrounding units in the same property.
In addition they will often be for much longer than a Residential Lease (2-3 years is fairly typical) and may hold the tenant financially responsible for costs other than the rent. One of the most common types of Commercial Lease is a Triple Net (NNN) lease, where in addition to the rent, the tenant is responsible for the property taxes, utilities and repair costs during their time at the property.
A Commercial Lease will be covered by both lease laws and their states Commercial Code. Mississippi’s lease laws can be found in Mississippi Statutes Title 89-7-1 to 89-8-29. Mississippi’s Commercial Code can be found in Mississippi Statutes Title 75.