Property Management
A Michigan commercial lease that requires the tenant to pay a base rent plus a percentage of their gross sales is called a:
ANet lease
BGross lease
CPercentage lease✓ Correct
DTriple net lease
Explanation
A percentage lease requires the tenant to pay a base rent plus a percentage of their gross sales above a specified breakpoint, commonly used in retail shopping centers.
Related Michigan Property Management Questions
- A Michigan property manager's management agreement should specify all of the following EXCEPT:
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