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SAMPLE GROSS LEASE LEASE State Lease - State of Michigan - michigan

SAMPLE GROSS LEASE LEASE State Lease - State of Michigan - michigan 2025

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The document is a sample gross lease agreement between a lessor and the State of Michigan as lessee, detailing terms and conditions related to the leasing of office space. It includes definitions, possession details, obligations of both parties, rent considerations, cancellation clauses, and provisions regarding maintenance, tenant improvements, and compliance with laws. The lease outlines responsibilities for repairs, insurance requirements, and options for renewal or cancellation. It also addresses issues related to eminent domain and mortgagee rights.

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How do you calculate gross lease?

A gross lease rate consists of a base rent per square foot and additional operating expenses per square foot set during the base year. The base year is typically the year the lease is signed. As such, a gross lease rental rate is inclusive of rent and the first years operating expenses.

What is the difference between a gross lease and a modified gross lease?

Leases differ in terms but a written rental contract, in order to be valid, should include: The name(s) and signature(s) of the landlord(s) The name(s) and signature(s) of the tenant(s) The amount of rent to be paid, how frequently, and when it is to be paid.

What is the difference between FSG and MG?

FSG leases are typically associated with multi-tenant office transactions and are quoted as Base Rent only. Modified Gross (MG): In a MG lease, Base Rent typically excludes utilities, janitorial, and sometimes trash and tenants are required to contract for these items separately.

Is a modified gross lease good or bad?

A modified gross lease is attractive to some small businesses because it requires the landlord to maintain the building. It also gives the tenant direct control over their expenses, such as electricity. For property owners, a modified gross lease lets them retain control over their property.

Who pays what in a modified gross lease?

A modified gross lease is a combination of a gross lease and a net lease. The tenant pays the base rent and expenses that are attributable to their space, while the landlord pays for the other operating expenses. It is usually a negotiated lease between the landlord and the tenant to split the expenses.

What is the difference between CAM and NNN?

Distinction Between NNN and Other Lease Agreements A Triple Net Lease (NNN) places the responsibility for property expenses on the tenant. This includes common area maintenance (CAM), property taxes, and insurance. In contrast, a Gross Lease includes these costs in a single rent payment, making it simpler for tenants.

What is an example of a gross lease?

The tenant pays a fixed monthly rent, which covers both the base rent and the operating expenses. For example, in a full-service gross lease, the tenant pays a fixed rent that takes into consideration the landlords estimated operating expenses, such as taxes, insurance, utilities, maintenance, and repairs.

SAMPLE GROSS LEASE LEASE State Lease - State of Michigan - michigan 2025

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