The Master Lease With Option To Purchase is a sophisticated legal instrument used when parties wish to combine traditional leasing arrangements with a future purchase opportunity. This document, governed by English and Welsh law, provides flexibility for tenants who may want to eventually own the property but prefer or need to lease initially. It includes comprehensive terms covering both the lease period (rent, maintenance, insurance) and the purchase option (price, exercise period, conditions). The agreement is particularly useful for businesses testing a location before committing to purchase, or for tenants building up capital for an eventual purchase.
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1. 1. Parties: Identification of lessor and lessee with full legal names and addresses
2. 2. Background: Context of the agreement and brief description of the property
3. 3. Definitions: Key terms used throughout the agreement including defined terms from relevant legislation
4. 4. Demise: Formal grant of the lease and description of the property
5. 5. Term and Rent: Duration of lease and rent payment terms
6. 6. Option to Purchase: Terms and conditions of purchase option, including price and exercise period
7. 7. Tenant Covenants: Obligations of the tenant including maintenance, use, and insurance
8. 8. Landlord Covenants: Obligations of the landlord including quiet enjoyment and insurance
9. 9. Assignment and Underletting: Provisions governing the transfer of lease or subletting of property
10. 10. Termination: Events of default and termination procedures
1. Service Charge Provisions: Required for multi-let properties or where services are provided by landlord
2. Break Clause: Early termination provisions for either or both parties
3. Rent Review: Mechanism for adjusting rent during term, typically for longer leases
4. Green Lease Provisions: Environmental performance and sustainability obligations
5. VAT Elections: Provisions relating to VAT treatment of the property and rent
1. Schedule 1: Property Description: Detailed description of the property including plans and boundaries
2. Schedule 2: Rights Granted: Specific rights granted to tenant (e.g., parking, access, utilities)
3. Schedule 3: Rights Reserved: Rights retained by landlord and access requirements
4. Schedule 4: Service Charge: Detailed service charge calculation and included services if applicable
5. Schedule 5: Purchase Option Details: Detailed mechanism for exercising purchase option including valuation methods
6. Schedule 6: Condition Schedule: Schedule of condition at lease commencement
7. Schedule 7: Guarantee Provisions: Form of guarantee if required from third party guarantor
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