Warning of Default on Commercial Lease Michigan Form
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People also ask
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What is the use clause in a commercial lease?
Permitted Use Clause The use clause can be as wide as “any use permitted by law” and as narrow as describing the how, where, and when of the specific services and/or products a tenant will be allowed to provide from the lease premises.
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What is defaulting on a lease?
A “default” is a failure to comply with a provision in the lease. “Curing” or “remedying” the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
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What is an example of a default clause?
If the Tenant fails to pay rent when due and the default continues for the time-period specified in the written notice thereafter, the Landlord may, at their option, declare the entire balance (compiling all months applicable to this Agreement) of rent payable hereunder to be immediately due and payable and may ...
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What is the default clause on a commercial lease?
Commercial leases require an effective default clause that allows the landlord to force a tenant to comply with all lease obligations. The default clause commonly provides the procedure for obtaining an eviction or the threat of an eviction for a commercial tenant's violation of the lease.
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What are the responsibilities of a landlord in a commercial lease in Michigan?
In a full-service lease, the lessor pays a certain amount of rent, and the landlord has the responsibility of paying all expenses of the property, including repairs, maintenance, taxes, insurance, and utilities.
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What is the right of first offer clause in a commercial lease?
The ROFO typically gives the tenant the opportunity to lease additional space in the real property. Equityholders can also hold a right of first offer over new equity issuances by the company itself. These rights are known as pre-emptive rights. See also Right of First Refusal (ROFR).
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What does "default on lease" mean?
A “default” is a failure to comply with a provision in the lease. “Curing” or “remedying” the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
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How long does it take to evict a commercial tenant in Michigan?
Michigan Eviction Timeline Notice Received by TenantsAverage Timeline Issuing an Official Notice 1 – 30 days Issuance and Serving of Rule for Possession 3 days before the hearing is scheduled Court Hearing and Judgment 5-10 days Issuance of Writ of Restitution 10 days1 more row • Sep 11, 2024
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