A Deed of Variation Commercial Lease is essential when parties need to modify terms of an existing commercial lease in England and Wales without surrendering and regranting the lease. This document is commonly used when circumstances change, such as alterations to rent, lease term, or permitted use of the property. It must comply with the Law of Property Act 1925 and related legislation, and typically requires registration at the Land Registry if the original lease was registered. The deed preserves the original lease's validity while incorporating agreed changes, making it a crucial tool for commercial property management.
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1. Parties: Details of the landlord, tenant, and any guarantors
2. Background: Details of the original lease and reason for variation
3. Definitions: Key terms used in the deed including Original Lease, Variation Date
4. Variation: Specific terms being varied in the original lease
5. Confirmation: Confirmation that all other terms remain unchanged
6. Execution: Formal execution blocks for all parties
1. Registration: Requirements for registration at Land Registry when variation affects a registered lease
2. Guarantor Provisions: Confirmation of guarantor's continued obligations when original lease includes guarantors
3. Costs: Provisions regarding payment of costs between parties
1. Schedule 1 - Original Lease: Copy or details of the original lease being varied
2. Schedule 2 - Variations: Detailed list of specific variations if extensive
3. Schedule 3 - Plans: Any updated plans if variation affects demised premises
4. Appendix 1 - Land Registry Compliant Plans: Plans meeting Land Registry requirements if registration needed
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