The Lease Option Agreement is a sophisticated legal instrument commonly used in Australian property transactions where a potential tenant wants to secure the right to lease a property in the future while maintaining flexibility. This document type is particularly valuable in commercial real estate, development projects, or situations where parties need time to arrange financing or complete due diligence. The agreement must comply with Australian property law, which varies by state, and includes comprehensive details about the option terms, exercise mechanisms, and the underlying lease agreement. The Lease Option Agreement typically specifies the option fee, exercise period, proposed lease terms, and any conditions that must be met before the option can be exercised. It's essential for property owners who want to maintain control while offering potential tenants the security of a future lease opportunity, and for tenants who need time to assess the viability of a leasing arrangement.
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1. Parties: Identification and details of the Option Grantor (property owner) and Option Holder (potential lessee)
2. Background: Context of the agreement, including property details and purpose of the option arrangement
3. Definitions: Defined terms used throughout the agreement, including Option Period, Option Fee, Exercise Price, Commencement Date
4. Grant of Option: Express terms of the option grant, including exclusivity and duration
5. Option Fee: Details of the option fee, payment terms, and whether it's refundable or applicable to the lease
6. Exercise of Option: Process and requirements for validly exercising the option, including notice requirements
7. Lease Terms: Key terms of the lease that will come into effect upon exercise of the option
8. Property Access: Rights of inspection and access during the option period
9. Representations and Warranties: Statements of fact and promises by both parties regarding the property and their capacity
10. Default and Termination: Circumstances constituting default and consequences of termination
11. Assignment: Rights and restrictions regarding transfer of option rights
12. Notices: Process for giving formal notices under the agreement
13. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and variation
14. Execution: Signing provisions and attestation
1. Due Diligence: Terms regarding property inspection and investigation rights - include for commercial properties or high-value transactions
2. Property Maintenance: Obligations regarding property maintenance during option period - include if property requires specific maintenance or if option period is lengthy
3. Development Rights: Rights to develop or modify property during option period - include if relevant to commercial properties or development sites
4. GST Provisions: Detailed GST treatment - include for commercial properties or when parties are GST registered
5. Mortgage and Encumbrances: Provisions dealing with existing mortgages - include if property is mortgaged
6. Environmental Matters: Environmental warranties and obligations - include for industrial properties or where environmental concerns exist
7. Planning and Zoning: Provisions regarding planning permissions - include if development or use change is contemplated
1. Schedule 1 - Property Details: Detailed description of the property including title particulars, improvements, and inclusions
2. Schedule 2 - Option Fee and Exercise Price: Detailed breakdown of all financial terms including payment schedules
3. Schedule 3 - Form of Lease: Complete form of lease to be entered into upon exercise of option
4. Schedule 4 - Option Exercise Notice: Pro forma notice for exercising the option
5. Schedule 5 - Condition Report: Current condition of the property at agreement date
6. Appendix A - Property Plans: Plans, drawings or diagrams of the property
7. Appendix B - Required Insurances: Details of insurance requirements during option period and lease term
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