A North Dakota Commercial Lease Agreement is a type of lease agreement that allows a for-profit entity to lease a property for business or industrial purposes. Nonprofit and charitable organizations are not covered under commercial entities and thus cannot use this type of lease to rent a property.
A Commercial Lease is often more complex and contains many more unique clauses than a residential lease and thus should be read even more carefully than a residential lease, possibly with lawyers present. In addition county specific laws may vary, especially in North Dakota, due to the large presence of agricultural business and both landlord and tenant should be aware of local regulations and statutes.
Typically there are two main types of commercial lease. The first is a Gross Lease, where the tenant is responsible for the rent and nothing else. The second is a Triple Net (or NNN) Lease, where the tenant is responsible not only for rent, but any utilities, insurance, maintenance or taxes required for the property, usually in exchange for a lowered rent.