A Michigan commercial lease agreement binds a landlord and tenant into a contract whereby non-residential property is rented for business operations. Terms and conditions may vary depending on the nature of the arrangement, but most standard leases include everything from rental-related costs to the duration of the contract. Commercial leases last an average of three to five years. Upon its expiration date, the lease can be renewed if the option to do so was incorporated in the initial agreement. Landlords typically vet prospective renters prior to executing a formal contract. Therefore, tenants with strained financial records or fairly new businesses may be asked to integrate a co-signer through a personal guarantee.
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