Michigan Renewal and Extension of Commercial Lease

• The tenant has an option to renew the lease at the end of the term.
• Optional clauses for payment of the property taxes by either the landlord or the tenant, as agreed to between the parties.
• The tenant is responsible for carrying comprehensive public liability, fire and extended coverage insurance.
• Optional clauses included if (i) the landlord is responsible for mechanical and structural repairs, and (ii) if the tenant is responsible for all repairs.
• Parking areas are to be shared by all tenants and their employees and customers.
• Procedures in the event of damage, destruction, or condemnation of the building.
• The tenant accepts the lease subordinate to any mortgage or other lien against the property.
• The tenant agrees to provide an estoppel certificate upon request by the landlord.

Sublet all or part of your leased business space to a subtenant with this Michigan Commercial Sublease Agreement.

• The Sublease can be used for office, retail shopping or other business premises.
• The subtenant pays the security deposit and the rent to the original tenant, who in turn pays the landlord.
• The original tenant must still perform its obligations under the head lease for the duration of the lease term.
• The original tenant assigns its interest in the sublease to the landlord.
• The original tenant directs the subtenant to pay rent directly to the landlord if the original tenant defaults in any of its obligations under the head lease.
• Intended for use only in the State of Michigan.

• The guaranty is given by a principal of the company, such as a shareholder, partner, sole proprietor or some other person with a financial interest in the tenant.
• A guarantee of this type is typically required as an inducement to the lessor ⁄ landlord to sign the lease.
• The guarantor guarantees payment of all rent and other amounts due under the lease, including the payment of legal fees incurred by the landlord in enforcing the terms of the lease.