Mississippi expects landlords and tenants to enter into a covenant of good faith and fair dealing when signing a commercial lease agreement.
A covenant of good faith and fair dealing means neither party will try to exploit terms in the agreement to their benefit. It also means that both parties will agree to be honest and fair in their dealings with each other.
A Mississippi commercial lease agreement has a few statutory notice periods that tenants and landlords must be aware of.
Rent payments in Mississippi are considered late if it’s a day past the due date.
Some landlords may grant a grace period, but that’s at their discretion and should appear in the agreement.
If the rent is late, the landlord can post a three (3) day notice to pay. If the tenant doesn’t settle the outstanding rent, the eviction process can start.
If the tenant breaches any terms in the commercial agreement, the landlord can post a 14-day notice to quit. This gives the tenant 14 days to resolve the issues before the eviction proceeding progresses.
If the tenant violates the state’s health, building, safety, or housing codes, they don’t need to post a notice, and the eviction process can start immediately.
If a tenant stays on the property after the termination date in their agreement and they haven’t arranged a renewal, the landlord may issue a written notice to move.
Commercial lease agreements in Mississippi don’t have a maximum limit that they can charge for security deposits. The amount charged is at the discretion of the landlord.
The state also has no regulations that govern the return of security deposits. However, these are usually returned within 45 days, less any damages.
Mississippi has one mandatory legal disclosure that should appear on all lease agreements. The legal disclosure required by the state is:
Lead-based paint disclosure
There are a number of ways to terminate or renew a Mississippi commercial lease agreement.
If you have a fixed-term lease, then the lease will automatically end on the date specified in your agreement. There should also be a renewal clause outlining the process for renewal of the lease.
If either party wants to terminate a fixed-term lease early, they can give 30 days’ notice but may face penalties.
Month-to-month leases can be terminated by providing a 30-day notice.
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A Mississippi commercial lease agreement tends to be more complex than residential rentals. This can often be attributed to the sheer amount of details that need to be covered. However, this can also make it a potential minefield for businesses looking to rent commercial properties in the state. Ensure you understand some of the legal aspects of these leases when renting commercial property in Mississippi.
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