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Lease And Purchase Agreement
"I need a Lease and Purchase Agreement for a commercial warehouse property in Dublin, with a 2-year initial lease term starting March 1, 2025, and an option to purchase at a fixed price of €2.5M, where 50% of the monthly rent payments will count towards the final purchase price."
1. Parties: Identification of the Lessor/Seller and Lessee/Purchaser with full legal names and addresses
2. Background: Context of the agreement, including property details and intention to enter into a lease-purchase arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including Property, Lease Period, Purchase Price, etc.
4. Lease Terms: Duration of lease, rent amount, payment terms, and lease renewal conditions
5. Purchase Option: Terms of the purchase option, including purchase price, option exercise period, and mechanism for exercising the option
6. Rent Credit: Details of how rental payments will be credited towards the purchase price, if applicable
7. Property Use and Maintenance: Rights and obligations regarding property use, maintenance responsibilities, and prohibited activities
8. Insurance and Risk: Insurance requirements and allocation of risk during the lease period
9. Default and Remedies: Events of default under both lease and purchase provisions, and corresponding remedies
10. Assignment and Subletting: Restrictions on assignment of rights or subletting the property
11. Notices: Process and requirements for serving notices between parties
12. Governing Law: Confirmation of Irish law as governing law and jurisdiction
13. Execution: Signature blocks and execution formalities
1. Break Clause: Optional early termination provisions, used when parties want flexibility to end the agreement early
2. Property Improvements: Terms regarding tenant improvements and their impact on purchase price, used when improvements are anticipated
3. Management Company Provisions: Required for properties subject to management company arrangements
4. Mortgage Contingency: Used when purchase option exercise is contingent on obtaining mortgage financing
5. Environmental Provisions: Detailed environmental terms, used for properties with potential environmental concerns
6. Planning Permissions: Required when property use depends on specific planning permissions or changes
7. Service Charge Provisions: Used for properties with service charges or management fees
1. Schedule 1 - Property Description: Detailed description of the property including boundaries, maps, and floor plans
2. Schedule 2 - Rent Payment Schedule: Detailed breakdown of rent payments and purchase credit calculations
3. Schedule 3 - Condition Report: Initial condition report of the property with photographs
4. Schedule 4 - Permitted Use: Detailed description of permitted use of the property
5. Schedule 5 - Fixtures and Fittings: Inventory of fixtures and fittings included in the lease and purchase
6. Appendix A - Form of Option Notice: Template for exercising the purchase option
7. Appendix B - Service Specifications: Details of any services provided with the property
8. Appendix C - Planning Documentation: Copies of relevant planning permissions and certificates
Authors
Real Estate
Commercial Property
Residential Property
Retail
Industrial
Office Space
Agriculture
Hospitality
Healthcare
Education
Legal
Real Estate
Finance
Operations
Facilities Management
Risk and Compliance
Commercial
Property Management
Business Development
Asset Management
Real Estate Manager
Property Manager
Legal Counsel
Commercial Director
Facilities Manager
Chief Financial Officer
Business Development Manager
Operations Director
Asset Manager
Property Developer
Leasing Manager
Contract Administrator
Risk Manager
Compliance Officer
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