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Commercial Lease With Option To Purchase

Commercial Lease With Option To Purchase Template for India

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Key Requirements PROMPT example:

Commercial Lease With Option To Purchase

"I need a Commercial Lease with Option to Purchase agreement for a retail space in Mumbai, with a 3-year initial lease term starting January 2025, and an option to purchase the property at a pre-agreed price of ₹5 crore during the final year of the lease."

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Document background
The Commercial Lease With Option To Purchase agreement is designed for use in the Indian market where businesses seek flexibility in their property arrangements while securing future ownership possibilities. This document is particularly relevant when tenants want to test the suitability of a commercial property before committing to purchase, or when they need time to arrange financing for a future purchase. The agreement must comply with Indian property laws, including the Transfer of Property Act, 1882, Registration Act, 1908, and state-specific regulations. It includes comprehensive provisions for both the lease period (rent, maintenance, use restrictions) and the purchase option (price, exercise period, conditions), making it suitable for various commercial property transactions where the tenant may want to eventually own the premises.
Suggested Sections

1. Parties: Identifies and provides full details of the lessor/owner and lessee/potential purchaser

2. Background: Context of the agreement, including property overview and parties' intentions

3. Definitions: Defines key terms used throughout the agreement

4. Property Description: Detailed description of the leased premises and included facilities

5. Lease Term and Renewal: Duration of lease, commencement date, and renewal provisions

6. Rent and Payment Terms: Rental amount, payment schedule, security deposit, and escalation terms

7. Option to Purchase: Terms and conditions of the purchase option, including price and exercise period

8. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements

9. Use of Premises: Permitted use of property and restrictions

10. Insurance and Liability: Insurance requirements and liability allocation

11. Default and Remedies: Events of default and available remedies for both parties

12. Termination: Grounds and procedures for agreement termination

13. Governing Law and Jurisdiction: Applicable laws and jurisdiction for dispute resolution

14. Notices: Method and addresses for formal communications

15. Execution: Signature blocks and execution formalities

Optional Sections

1. Alterations and Improvements: Detailed terms for modifications to the property, used when significant renovations are anticipated

2. Assignment and Subletting: Terms for transferring lease rights, included when these rights are to be granted

3. Environmental Compliance: Environmental obligations and compliance requirements, necessary for industrial or specialized commercial properties

4. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in long-term agreements

5. Right of First Refusal: Additional rights regarding property sale, included when agreed alongside purchase option

6. Utilities and Services: Detailed provisions for utility responsibilities, needed for properties with complex service requirements

7. Signage and Branding: Terms for external and internal signage, important for retail or branded commercial spaces

Suggested Schedules

1. Schedule A - Property Details: Comprehensive property description, including floor plans and boundaries

2. Schedule B - Rent Schedule: Detailed breakdown of rent payments, escalations, and due dates

3. Schedule C - Purchase Option Terms: Specific terms, conditions, and pricing for exercising the purchase option

4. Schedule D - Permitted Use: Detailed description of allowed commercial activities and restrictions

5. Schedule E - Property Condition Report: Initial condition assessment and inventory of fixtures/fittings

6. Schedule F - Maintenance Requirements: Detailed maintenance obligations and standards

7. Appendix 1 - Required Insurances: Specific insurance requirements and coverage levels

8. Appendix 2 - Registration Requirements: Documentation required for lease and potential sale registration

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




































Clauses



































Relevant Industries

Retail

Manufacturing

Information Technology

Healthcare

Hospitality

Warehousing and Logistics

Professional Services

Education

Banking and Financial Services

Entertainment and Media

Food and Beverage

Automotive

Relevant Teams

Legal

Finance

Operations

Facilities Management

Real Estate

Risk Management

Procurement

Business Development

Corporate Affairs

Administration

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Manager

Facilities Manager

Legal Counsel

Property Manager

Business Development Manager

Operations Director

Finance Director

Commercial Director

Procurement Manager

Risk Manager

Expansion Manager

Asset Manager

Corporate Real Estate Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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