An Ohio Commercial Lease Agreement is a type of lease designed to allow an entity to rent property for commercial reasons, typically business or industry. Nonprofit and charitable organizations are not covered under this lease and must use a different type of lease.
Due to the nature of business relationships, Commercial Leases will often be for longer periods than residential leases, typically three (3) to five (5) years. Similarly, the tenant will occasionally be responsible for more than simply rent. One of the most common types of Commercial Leases is a Triple Net (NNN) Lease, in which the tenant is financially responsible for upkeep of the property, the property taxes and insurance as well as any rent.
A Lease in which the tenant is responsible for only the rent is known as a Gross Lease, and the rent will typically be much larger than in a Triple Net Lease. A Lease in which landlord and tenant share financial responsibility for repairs, taxes, insurance etc. is known as a Modified Gross Lease. In order to be sure of their financial responsibilities, a tenant should read a Commercial Lease exceptionally closely.