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Commercial Lease With Option To Buy
"I need a Commercial Lease with Option to Buy for a retail space in Auckland CBD, with a 5-year initial lease term starting March 2025, and an option to purchase the property at market value after 3 years of tenancy."
1. Parties: Identification of the landlord/vendor and tenant/purchaser, including full legal names and addresses
2. Background: Context of the agreement, including property description and intention to lease with purchase option
3. Definitions and Interpretation: Definitions of key terms and rules for interpreting the agreement
4. Grant of Lease: Terms of the lease grant, including premises description and permitted use
5. Term and Renewal: Duration of lease, commencement date, and any renewal rights
6. Rent and Operating Expenses: Rent amount, payment terms, reviews, and operating expense obligations
7. Option to Purchase: Details of the purchase option, including price or price mechanism and exercise period
8. Exercise of Option: Process and requirements for exercising the purchase option
9. Tenant's Obligations: Maintenance, repair, insurance, and other tenant responsibilities
10. Landlord's Obligations: Property maintenance, insurance, and other landlord responsibilities
11. Assignment and Subletting: Rights and restrictions regarding assignment and subletting
12. Insurance and Liability: Required insurance coverage and liability provisions
13. Default and Remedies: Events of default and available remedies for both lease and purchase option
14. Termination: Grounds for termination and consequences
15. General Provisions: Standard boilerplate clauses including notices, governing law, and dispute resolution
1. Alterations and Improvements: Include when tenant is permitted to make modifications to the premises
2. Environmental Matters: Include for properties with potential environmental concerns or specific compliance requirements
3. Seismic Requirements: Include for buildings in earthquake-prone areas or with specific seismic ratings
4. Property Management: Include when there's a property manager or specific management requirements
5. Trading Hours and Access: Include for retail premises or properties with restricted access
6. Car Parking: Include when car parking is part of the lease arrangement
7. Building Name and Signage: Include for premium commercial buildings or when signage rights are important
8. Guarantee: Include when personal or corporate guarantees are required
1. Schedule 1: Property Details: Detailed description of the premises, including floor plans and title details
2. Schedule 2: Rent and Operating Expenses: Detailed breakdown of rent calculations, reviews, and operating expense components
3. Schedule 3: Maintenance Responsibilities: Detailed allocation of maintenance and repair responsibilities
4. Schedule 4: Purchase Option Terms: Detailed terms of the purchase option, including price calculation method and conditions
5. Schedule 5: Permitted Use: Detailed description of permitted business activities and use restrictions
6. Schedule 6: Condition Report: Detailed report on the condition of the premises at lease commencement
7. Appendix A: Plans and Drawings: Building plans, floor plans, and relevant drawings
8. Appendix B: Building Rules: Building rules and regulations if part of a larger complex
9. Appendix C: Guarantees: Forms of any required guarantees
10. Appendix D: Insurance Requirements: Detailed insurance requirements and specifications
Authors
Retail
Office Commercial
Industrial
Hospitality
Healthcare
Professional Services
Manufacturing
Warehousing
Technology
Education
Food and Beverage
Automotive
Entertainment
Legal
Finance
Operations
Risk Management
Facilities Management
Property Management
Business Development
Compliance
Real Estate
Asset Management
Corporate Services
Administration
Chief Executive Officer
Chief Financial Officer
Property Manager
Facilities Manager
Real Estate Lawyer
Commercial Property Agent
Business Development Manager
Operations Manager
Risk Manager
Legal Counsel
Finance Director
Commercial Director
Store Manager
Regional Manager
Asset Manager
Property Development Manager
Compliance Officer
Business Owner
Franchise Manager
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