A North Dakota commercial lease agreement is a binding contract for a tenant to lease office, retail, or industrial space. The agreement sets the responsibilities and rights for both landlords and tenants, as well as details about rent, deadlines, penalties, and other information.
The North Dakota law that governs commercial leases is North Dakota Uniform Commercial Code, Chapter 41-02.1. These types of leases are longer and more complicated than a residential lease, so consulting with an attorney is recommended.
Writing North Dakota Commercial Lease Agreements
A North Dakota commercial lease agreement should generally contain the following:
- Landlord’s name and contact information
- Property manager’s name and contact information (if any)
- Tenant’s name and contact information
- Description of the property
- Authorized use of the property
- 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/non-payment of rent (including eviction process)
- Duties for paying certain expenses and utilities
- Security deposit and refund guidelines
- Permissible leasehold improvements
- Landlord and tenant contact information and form for legal service
- Place for the notarized signatures of all parties
- Miscellaneous terms specific to the lease
