The Commercial Lease Purchase Agreement is a sophisticated legal instrument used in the United Arab Emirates when a business wishes to lease a commercial property while maintaining the option to purchase it in the future. This arrangement is particularly useful for businesses expanding into new locations or those wanting to test a location before committing to a purchase. The document must comply with UAE federal laws, including the Civil Code and Commercial Transactions Law, as well as specific emirate-level property regulations. It typically includes detailed provisions for property maintenance, rental payments, purchase option terms, and the mechanism for transitioning from lease to ownership. This type of agreement provides flexibility for both parties while ensuring legal compliance with UAE's property and commercial laws.
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1. Parties: Identifies and defines the lessor/seller and lessee/purchaser with full legal names and addresses
2. Background: Sets out the context of the agreement, including property details and parties' intentions regarding the lease-purchase arrangement
3. Definitions: Defines key terms used throughout the agreement including Property, Purchase Price, Lease Term, Option Period
4. Lease Terms: Details of the lease arrangement including duration, rent amount, payment schedule, and maintenance responsibilities
5. Purchase Option: Terms of the purchase option including option price, exercise period, and mechanism for exercising the option
6. Property Description: Detailed description of the commercial property including boundaries, facilities, and included fixtures/fittings
7. Payment Terms: Comprehensive payment structure including rent, option fees, purchase price, and how lease payments apply to purchase
8. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements during the lease period
9. Insurance and Liability: Requirements for insurance coverage and allocation of risks between parties
10. Default and Remedies: Consequences of default by either party and available remedies
11. Assignment and Subletting: Rules regarding transfer of rights and obligations under the agreement
12. Governing Law and Jurisdiction: Specifies UAE law as governing law and relevant courts for dispute resolution
13. Notices: Process for formal communications between parties
14. Execution: Signature blocks and execution requirements
1. Broker Provisions: Required if real estate brokers are involved in the transaction
2. Shariah Compliance: Required if the agreement needs to comply with Islamic finance principles
3. Multi-currency Provisions: Required if payments are made in multiple currencies
4. Force Majeure: Optional clause dealing with unforeseen circumstances affecting performance
5. Environmental Matters: Required for properties with potential environmental concerns or specific requirements
6. Tenant Improvements: Required if specific improvements by tenant are permitted or required
7. Property Management: Required for properties within managed communities or complexes
1. Property Details: Detailed technical description of the property including floor plans and specifications
2. Payment Schedule: Detailed breakdown of all payments including rent, purchase option, and purchase price calculations
3. Condition Report: Initial condition assessment of the property and any existing defects
4. Permitted Uses: Specific permitted commercial uses of the property
5. Service Charges: Breakdown of service charges and maintenance fees if applicable
6. Required Insurance: Detailed insurance requirements and minimum coverage levels
7. Form of Option Notice: Template for exercising the purchase option
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Retail
Manufacturing
Hospitality
Healthcare
Professional Services
Logistics and Warehousing
Industrial
Technology
Relevant Teams
Legal
Real Estate
Finance
Operations
Facilities Management
Risk and Compliance
Business Development
Property Management
Asset Management
Corporate Services
Relevant Roles
Real Estate Manager
Commercial Property Manager
Legal Counsel
Chief Financial Officer
Business Development Director
Facilities Manager
Operations Director
Risk Manager
Compliance Officer
Property Investment Manager
Asset Manager
Contract Manager
Real Estate Director
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