The Mississippi Lease of Commercial Building is a legally binding agreement between a landlord (lessor) and a tenant (lessee) for the rent and use of a commercial property in the state of Mississippi. This lease is specifically tailored to meet the requirements and regulations set forth by the state of Mississippi. Keywords: Mississippi Lease of Commercial Building, landlord, tenant, rent, commercial property Additionally, there are different types of Mississippi Lease of Commercial Buildings, depending on the specific terms and conditions agreed upon between the lessor and the lessee. Some of these variations include: 1. Triple Net Lease: A type of lease agreement where the tenant is responsible for paying not only the rent but also property taxes, insurance, and maintenance costs. 2. Gross Lease: In this lease agreement, the landlord is responsible for paying all operating expenses of the commercial property, including property taxes, insurance, and maintenance costs. The rent charged to the tenant includes these expenses. 3. Percentage Lease: This type of lease is commonly used in retail spaces, where the tenant pays a base rent along with a percentage of their gross sales as additional rent. 4. Ground Lease: This lease involves only the ground upon which the commercial building is located, without including any physical structure. The tenant is usually responsible for constructing the building on the leased land. 5. Short-term Lease: A lease agreement with a shorter duration, often used for temporary or seasonal businesses. 6. Long-term Lease: This lease agreement typically lasts several years, providing stability for both the landlord and the tenant. These different types of Mississippi Lease of Commercial Buildings cater to the diverse needs and requirements of tenants and landlords, allowing them to choose the most suitable terms for their specific business ventures.
Mississippi Lease of Commercial Building
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The process of assignment of a lease is essentially selling the lease to a third party (the assignee). If you are a commercial property tenant, your contract likely contains a clause that allows you to assign your lease to a new tenant. To do this, you will need to find a potential new tenant yourself.
No, lease agreements do not need to be notarized in Mississippi.
Likely for this reason most states no longer require subscribing witnesses for leases. In fact, only Connecticut, Georgia, Louisiana, and South Carolina still require two witnesses to the execution of a lease.
Mississippi landlords are also prohibited from evicting tenants for discriminatory reasons against protected classes and cannot evict tenants in retaliation.
A lease is automatically void when it is against the law, such as a lease for an illegal purpose. In other circumstances, like fraud or duress, a lease can be declared void at the request of one party but not the other.
Ten Terms To Include In Your Lease AgreementNames of all tenants.Limits on occupancy.Term of the tenancy.Rent.Deposits and fees.Repairs and maintenance.Entry to rental property.Restrictions on tenant illegal activity.More items...?
A commercial lease is a form of legally binding contract made between a business tenant - your company - and a landlord. The lease gives you the right to use the property for business or commercial activity for a set period of time. In return for this, you will pay money to the landlord.
A written lease agreement must contain:The names and addresses of both parties;The description of the property;The rental amount and reasonable escalation;The frequency of rental payments, i.e. monthly;The amount of the deposit;The lease period;The notice period for termination of contract;More items...
Here are 10 key financial commercial lease clauses that you should keep a close eye on throughout your lease term.Rent And Default.Rent Increase Steps/Percentages.Profit-Sharing Or Revenue-Based Rent.Options.Operating Expenses.Rent Incentives And Reimbursements.Janitorial Services.Electricity.More items...?
Specifically, the tenant pays the base rent, property but also taxes, insurance, utilities, and maintenance. This even includes standard property repairs associated with the commercial space being occupied.