A Minnesota commercial lease agreement is a contract for a tenant (usually a business) to lease retail, industrial, or office space. The agreement sets the responsibilities and rights for both landlords and tenants, as well as information about deadlines, rent, penalties, and other details.
The Minnesota law governing commercial leases is Minnesota Statutes, Chapter 504B. These types of leases are usually more complicated than a residential lease, so consulting with a lawyer is advisable.
Writing Minnesota Commercial Lease Agreements
A Minnesota commercial lease agreement should generally contain the following:
- Landlord’s name and contact information
- Tenant’s name and contact information
- Property manager’s name and contact information (if any)
- Property description
- Authorized use of the property
- Type of lease (gross, modified-gross, or triple-net)
- Term of the lease and the start date
- Option to renew the lease (if any)
- Rent and landlord’s profit participation in operations (if any)
- Penalty for late or non-payment of rent (including eviction process)
- Designation of the responsible parties for certain expenses and utilities
- Security deposit and refund policy
- Leasehold improvements allowed by the landlord
- Additional terms as needed (including municipal codes and restrictions)
- Jurisdiction and reference to Minnesota state law
- Place for the signatures of all parties
